Capital counts GBP1m cost of unsuccessful bid for Virgin

Article Abstract:

Capital Radio announced that its attempt to purchase Virgin Radio cost it nearly 1 million pounds sterling to cover legal and consultancy fees. The Monopolies & Merger Commission conducted an inquiry around the proposed acquisition, costing the company 973,000 pounds sterling. Capital experienced a 7-percent improvement in its pre-tax profits for the first six months of 1998 and turnover rose by 11.7% to 55.6 million pounds sterling.CEO David Mansfield stated that he would seriously consider Capital's venture into digital television should the group be approached, although the company still has no intentions to invest in TV at the moment.

Comment:

Attempt to purchase Virgin Radio cost it nearly 1 mil pounds sterling to cover legal and consultancy fees

Sales, profits & dividends

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Clear Channel considering investment in Golden Rose

Article Abstract:

Clear Channel, a US radio company, is positioning to invest in Golden Rose Communications, the parent of Jazz FM, as part of its strategy to expand its TV and radio operations in the UK. Golden Rose is looking for partners and investors to support its growth strategies that include new deals with new jazz artists and the expansion of its Cafe Jazzbar operation into London and Manchester, UK. Clear Channel is though to contend with Chancellor Media and Guardian Media Group for gaining interest in Golden Rose.

Comment:

Clear Channel is positioning to invest in co as part of strategy to expand operations in UK

United States, Financial management, Radio & TV Broadcasting, Radio and Television Broadcasting, Use of Funds, Broadcasting industry, Broadcasting, Clear Channel Communications Inc., Golden Rose Communications

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Capital's Xfm deal gains RA blessing

Article Abstract:

Capital Radio has gained another step to owning three licences in London, UK. The firm has received approval from the Radio Authority to acquire alternative music station Xfm. According to the authority, the proposed takeover, which values Xfm at 15.9 million pounds sterling, has passed a public interest test on Jul. 9, 1998. Capital Radio is currently awaiting approval clearance from the Department of Trade and Industry (DTI) to go about the purchase, which is expected shortly.

Comment:

Has gained another step to owning three licences in London, UK

Strategy & planning

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