Shares in major radio groups Capital Radio and GWR rose this morning after reports that US radio giant Clear Channel is considering an acquisition spree in the UK market when new legislation allowing foreign ownership of British radio stations gets passed by government. "Clearly we want scale and there is no point buying just one business," Roger Parry, the chief executive of Clear Channel International told the Sunday Telegraph yesterday. "You have to have a coherent strategy to allow you to consolidate the industry. Any buyer considering a UK play had to include Capital high on their list of potential candidates. It is the largest and the most visible." His comments boosted Capital's share price, while GWR, probably the next priority in takeover stakes, also saw its share value go up.
Parry confirmed no take over attempts would begin until new legislation was in place, and he promised no takeovers would be hostile.