The Guardian Media Group yesterday said it wasn't "ruling out" a bid to buy the Capital Radio group. In an article on their own media website they admitted they were earmarking up to £600m to further their radio interests and many see that being spent on acquiring one of the existing radio majors.
A spokeswoman for the group said simply: "We have spent £70m on radio and we didn't do that to be in the radio first division - we want to be in radio's Premiership."
Capital saw its shares soar up 8.5% on the London Stock Exchange yesterday.