Times of India sells Absolute Radio to Bauer Media
Tuesday 30 July 2013
The owner of Kiss FM and Magic FM and the magazines ‘Heat’ and ‘Grazia’ is buying the rock radio station Absolute Radio.
Bauer Media is understood to be paying the Times of India group up to £25m for Absolute – less than half the £53.2m the Indian media group paid in May 2008 to its previous owner, STV.
Absolute, whose presenters include Christian O’Connell and Frank Skinner, has recently launched a string of successful spin-off digital stations dedicated to individual decades, from the 1960s onwards.
Bauer Media UK’s chief executive, Paul Keenan, said: “We are excited about welcoming this complementary music radio business with renowned digital assets into Bauer.”
Many observers were surprised when Times of India bought Absolute in 2008 and there has been speculation for at least a year that the group wanted to offload it.
The station was known as Virgin Radio until Times of India rebranded it. Sir Richard Branson helped to set up Virgin Radio, before Chris Evans took control and sold it for £225m to STV during the dot.com media bubble in 2000.
- 1 Gwyneth Paltrow and Chris Martin file for divorce after 10 years of marriage
- 2 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 4 Bookies now say Ed Miliband is more likely to be prime minister than David Cameron
Gwyneth Paltrow and Chris Martin file for divorce after 10 years of marriage
Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
'Jihadi John': Isis executioner Mohammed Emwazi wanted to wage jihad in Somalia until his friends were betrayed and killed by al-Shabaab
Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
Katie Hopkins on LBC: Listen to caller taking The Sun columnist to task over migrant comments
iJobs Money & Business
£12000 - £15000 per annum: Recruitment Genius: An expanding Insurance Brokerag...
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...