Capital Radio, the profitable commercial radio company, yesterday turned its back on the overvalued media sector, confirming a much-trailed pounds 51m acquisition of My Kinda Town, the themed restaurants business.

A Boardroom mutiny at the loss-making music and media group Chrysalis has backfired, strengthening the position of executive chairman Chris Wright rather than the high-profile rebels who stormed out of the company three weeks ago.

Discussion of the new Broadcasting Act, scheduled to come into effect this autumn, has so far been largely limited to the television and newspaper sectors. But when the dust settles, the new ownership rules may have a greater effect on commercial radio than on ITV or Fleet Street.

Roger Clarke on the anarchic tendencies and lonely death of the altar-boy who never grew up; In the Best Possible Taste: The Crazy Life of Kenny Everett by David Lister Bloomsbury, pounds 16.99

GWR, the quoted commercial radio company, is ready to take control of Classic FM, one of four national radio stations in the UK, sources close to the company said last night.

Richard Branson's London radio station has been riling rivals in a bid to boost audience figures. Meg Carter reports

Any doubt that radio is a sexy, profitable and attractive medium will be dispelled today when the Radio Authority receives up to 30 applications for the new London FM licence, to be awarded by October.

the interview : CHRIS TARRANT TALKS TO BEN THOMPSON

CLT, the Luxembourg-based broadcaster, is expected this week to confirm it is bidding for the hotly contested London FM licence, offering a "pop" music format similar to its successful Atlantic 252 station.

Whether the feel-good factor has filtered through to the high street may still be a subject for debate but there is growing evidence retailers are feeling much better in the stock market.

They'll be dancing to new tunes in Yorkshire following the award last night of the new regional radio licence to Kiss FM, sister of the dance music radio station currently operating in Manchester.

Capital Radio's biggest shareholder is bailing out, selling a 19 per cent stake in the fast-growing media company to institutitional investors. At last night's prices, the shares would fetch nearly pounds 100m.

Complaints about the coverage of the Dunblane tragedy dominated the Broadcasting Standard's Council's monthly report published today. The BSC upheld some, but dismissed most of the 25 complaints that it had received.

Commercial radio is booming. Fifteen consortia are bidding for the lucrative new Yorkshire and Humberside licence, and each offers a different format. So who will win? Meg Carter reports