Investors tuned in to radio consolidation.

Investors Chronicle, January, 2004

The radio sector finally provided investors with some takeover excitement this week when Emap bought Scottish Media Group's 28 per cent stake in Scottish Radio Holdings (SRH) for GBP91m. Emap said it had no immediate intention of bidding for the rest of SRH, but it is an option for the future. There is little overlap between the groups' radio assets so regulatory approval would be a formality.

Other deals would not be so easy to put together. Charles Stanley thinks that mergers between Emap, Capital and Chrysalis would be blocked by the Competition Commission, without major divestments, so all eyes are on GWR as the easiest fit. GWR shares have risen sharply on the basis of rumoured interest from Capital.

ICView - Consolidation and the expected...

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