LONDON (Brand Republic) – The Wireless Group, owner of radio stations such as the recently relaunched talkSPORT, is to chase acquisitions and apply for further UK radio licenses, despite reporting losses of £25.7m during the six months to June 30, up from £10.8m for the same period last year.
Kelvin MacKenzie, the former Sun newspaper editor who is chairman and chief executive of TWG, attributed the losses to heavy investment in licence fees and a rise in marketing and sports rights spending during the transformation of its Talk Radio station to talkSPORT.
The company, which floated on the stock market in May, said the relaunch had been a success. Advertising sales at the station rose 21% to £5.1m, while the group’s sales grew to £13.8m from £4.16m.