GWR joins battle for new London FM licence
Friday 14 June 1996
LNR, owned 31 per cent by the Bristol-based GWR commercial radio company, will propose a business and sport format for the new service, which is expected to attract scores of applicants by the deadline of 9 July.
The news emerged as GWR announced interim profits of pounds 2.4m, an 18 per cent increase, on turnover up 50 per cent at pounds 21.3m. The pre-tax figure was deflated by expenses of pounds 690,000 arising from its aborted bid for Radio New Zealand.
"We rate this as a good, solid performance," Mr Bernard said. The fast- growing company is one of commercial radio's success stories, having built up a portfolio of 32 licences, representing just over 14 per cent of total radio audience.
The company's future growth prospects may be stymied by the new Broadcasting Bill, which sets a limit of 15 per cent of total market share for any company. As a result, GWR has looked overseas in recent months, buying Prospect Radio in New Zealand, and expanding in eastern Europe.
"We think there are other opportunities in the Asia Pacific as well," Mr Bernard said.
The UK strategy will continue to be based on consolidating its position as one of the six main commercial radio companies. Mr Bernard said he would seek to "rationalise licences" in the coming months, as it did by selling a direct stake in Isle of Wight radio this year.
Despite the limits imposed on radio companies, GWR plans to apply for at least three regional licences this year, including East Midlands. The company has yet to win a single new licence since the Radio Authority began the post-1990 round of awards. It has grown, instead, by acquisition.
GWR, through a joint venture, was also an applicant in the bid for the Yorkshire regional licence, which yesterday went to Kiss 102 FM.
Mr Bernard said GWR and its London News Radio partners, including Daily Mail & General Trust and Reuters, plan to relaunch the company's two services, one each on FM and AM, in the autumn.
- 1 Lego breaks out of the toy box and heads for the gallery
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 Piers Morgan attempts to save the Union by promising to go back to the US if Scotland votes 'No' to independence
- 4 Tyler, The Creator says having new U2 album automatically downloaded on his iPhone was 'like waking up with herpes'
- 5 Grandmas keep accidentally tagging themselves as Grandmaster Flash on Facebook
David Haines remembered: Death of British hostage executed by Isis lamented from the Balkans to Sudan
Jennifer Lawrence and Kate Upton nude pictures exhibition cancelled after artist concedes photos were 'stolen property'
David Haines beheading: David Cameron says Britain will hunt down Isis 'monsters' shown in video murdering aid worker
Piers Morgan attempts to save the Union by promising to go back to the US if Scotland votes 'No' to independence
Jennifer Lawrence to make public appearance after nude photo leaks as Met Gala Ball 2015 co-host
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
George Galloway on Scottish independence: The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Scottish independence: Britain faces 'constitutional crisis' at next election
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
iJobs Money & Business
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
£35000 - £38000 per annum + Benefits: Ashdown Group: Training Coordinator / Pl...
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£400 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...