GCap have put their plans to sell the Xfm regional stations and their stake in national digital audio broadcast operator Digital One on hold pending their possible takeover by Global Radio.
As previously reported, recently appointed GCap CEO Fru Hazlitt recommended withdrawing from DAB and selling the Xfm stations in Wales, Scotland and Manchester as part a plan to turn round the radio firm's fortunes. Plans had already been made re the digital radio sale, and offers were being accepted for the Xfm sale.
However, rival radio firm Global Radio has been busy trying to take over GCap, and their third and latest offer has been viewed favourably by some key GCap shareholders, so much so the company's board have agreed to discuss takeover proposals with Global bosses. It is unclear what Global think about GCap's digital and Xfm assets, but those sales have been put on hold while the takeover offer is considered.
A decision on a Global takeover has to be made by 26 Mar, a deadline set by the City's Takeover Panel, but some city insiders reckon a decision could be made much sooner than that. If a Global takeover does take place presumably there will be regulatory issues - Magic owners Bauer Radio are sure to have issues with a merger that puts their two main competitors in the London mainstream radio market - Capital and Heart - into the same hands.