Radio major GWR sold its London new station LNR to rival group Chrysalis yesterday in a £23.5 million deal. This and other cost cutting measures has brought the companies debts down from £164 million to £100 million. The deal was popular with the city - Simon Mays-Smith, an analyst at JP Morgan, told the Guardian: "What they are effectively doing is selling a loss-making business and gaining cash to pay off some debt... It will go some way to making people comfortable, and they are not going to breach their banking covenants. They have to have some way of gaining financial flexibility to take part in radio sector consolidation.” The sale leaves the group with only digital stations in the London, though it’s national station Classic FM remains one of the most successful stations in the UK.
Sep 26, 2002
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1 min read
GWR sell news station
Radio group GWR has sold London station LNR to Chrysalis for £23.5 million, cutting its debts from £164 million to £100 million.