Both the Institute of Practitioners in Advertising (IPA) and the Incorporated Society of British Advertisers (ISBA) have put out ritual statements that they are carefully studying the 'exact' implications of the agreed merger.
At the same time, hands are wrung and concerns expressed about anything that might reduce competition.
Although competition is obviously a good thing, it would be nice if the organisations representing the advertising industry could manage, just for once, to set aside their sectional interests and welcome something that will be good for the whole industry.
A statement from them could read something like this: 'While reserving judgement on the precise competition implications of the Capital/GWR merger, IPA and ISBA jointly welcome such a bold move, one that is so obviously in the interests of creating a stronger commercial radio industry and that should benefit the advertising industry in the long-term.'
The chance of reading such a statement is very low and the usual curmudgeonly performance is likely to continue.
It was just such thinking that led the industry to oppose every step in the consolidation of ITV. Can anyone dare to think what the economics of the main commercial channel would have been now, had the arguments of the advertisers been taken seriously and ITV remained a patchwork quilt of duplicated costs? It's not as if the merger of Capital and GWR can have come as a great surprise to anyone.
It's virtually government policy for a start.
Many advertisers support the merger privately, just as quite a number saw real merit in the creation of one ITV. To the extent that there is a competition issue, it can be dealt with by the regulatory authorities.
The argument that 40% of the radio advertising market should not be merged into one group holds little water. After all, ITV has more than 50% of commercial television and there is no sign of the sky falling in.
Commercial radio has become a strategic medium precisely because of the emergence of national stations and large groups. It would be in the best interests of advertisers to argue for the merger while encouraging Ofcom to jump hard on any abuses.
Any unacceptable concentrations of geographic power at the margins where the two groups intersect can easily be dealt with through disposals. There will be plenty of potential takers.
In a nice irony of timing last week, the radio industry was celebrating becoming a 7% medium at last, just as the talks between GWR and Capital were formally confirmed. As the wine flowed on the House of Lords terrace, the possibility was even being mentioned that radio could eventually become 'the 10% medium'. Those who still remember radio as the 2% medium can scarcely believe it.
It should not be impossible to reach. Each system is different, but both Belgium and New Zealand have reached that figure, and in Ireland, where the government is planning further expansion of commercial radio, it has reached 9% of adspend.
If the 10% target is to be met in the UK, consolidation is vital. The shadow boxing has gone on long enough.
If Ralph Bernard and David Mansfield can lie down together, other strange bedfellows can too.
Who is lucky enough to get Kelvin Mackenzie when the music stops will, of course, be a particularly interesting question.
30 SECONDS ON ... CAPITAL/GWR MERGER
- The merger would create the UK's biggest radio group, with a market value of about 拢700m.
- Daily Mail and General Trust (DMGT), which owns a 29.9% stake in GWR, is believed to be demanding a seat on any merged board.
- GWR owns more than 30 analogue stations in the UK, covering areas such as Milton Keynes and Cambridge, including national station Classic FM and London News Radio.
- Capital reportedly approached DMGT in February about acquiring its stake in GWR, but was rejected.
- Capital has a portfolio of 21 analogue stations, including London-based stations Capital FM and Capital Gold.
- The Communications Act, which came into force this year, paved the way for consolidation in radio by allowing a single radio broadcaster to hold more than one national licence.