Hurrah. Merger news. Capital Radio and GWR, following approval from the Office of Fair Trading earlier this month, have announced their intention to complete the planned £711m merger deal on 9 May, and that trading in the new company's shares will start the same day, as Capital Radio releases interim results.
Once formed the new company will be the biggest Radio Company in the UK, controlling around forty percent of the national radio advertising market. Capital says it expects a modest increase in revenues for the first three months of this year, resulting in a 1% decrease in the six months to the end of March. GWR said its UK revenues would be "flat" for the 12 months ending March 31 compared with the previous year.
**GCap
Media**, the name chosen for the new company after input from staff at both companies, was announced last week.
The two companies released a statement to the stock exchange last night, which read: "GCap Media will be in a stronger position to attract and retain the industry's best talent, obtain a greater share of music industry content and will be able to compete more effectively with BBC Radio."