Last month, as part of chief executive Fru Hazlitt's wide-ranging strategy presentation, GCap unveiled plans to exit digital radio by closing both Planet Rock and theJazz by 28 March, and selling its stake in DAB operator Digital One.
But it is understood there have since been a number of interested parties looking to buy Planet Rock and the company has now decided to keep the station on air for an extra month. It is thought theJazz has no interested buyers and will be closing on 28 March as originally planned.
An executive familiar with GCap's plans said: "It is a fair assumption that the station has not been closed yet because there are some serious buyers in the frame."
The source said that Planet Rock "is a great station", but noted that the costs of running it are high. According to GCap's 11 February strategy presentation, closing Planet Rock and theJazz would save GCap £1.7m during its 2008/09 financial year.
Cathy Lowe, head of radio at PHD, said: "It is likely that someone with a passion for the station would bid to keep it on air, but there is no precedent for this as it's the first DAB-only station to go on sale like this. So we have no idea how much it will sell for or how the sale would work."
Tony Iommi, the Black Sabbath guitarist and Planet Rock presenter, has been named as a potential bidder, with a consortium of private equity backers. He was unavailable for comment.
Meanwhile, GCap is pressing ahead with the sale of its Xfm stations in Scotland, Manchester and South Wales, and has extended the deadline for bids until 28 April.
But it is understood there have since been a number of interested parties looking to buy Planet Rock and the company has now decided to keep the station on air for an extra month. It is thought theJazz has no interested buyers and will be closing on 28 March as originally planned.
An executive familiar with GCap's plans said: "It is a fair assumption that the station has not been closed yet because there are some serious buyers in the frame."
The source said that Planet Rock "is a great station", but noted that the costs of running it are high. According to GCap's 11 February strategy presentation, closing Planet Rock and theJazz would save GCap £1.7m during its 2008/09 financial year.
Cathy Lowe, head of radio at PHD, said: "It is likely that someone with a passion for the station would bid to keep it on air, but there is no precedent for this as it's the first DAB-only station to go on sale like this. So we have no idea how much it will sell for or how the sale would work."
Tony Iommi, the Black Sabbath guitarist and Planet Rock presenter, has been named as a potential bidder, with a consortium of private equity backers. He was unavailable for comment.
Meanwhile, GCap is pressing ahead with the sale of its Xfm stations in Scotland, Manchester and South Wales, and has extended the deadline for bids until 28 April.
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