TLRC sells Arrow FM and Sovereign Radio

LONDON - The Local Radio Company has sold Hastings-based Arrow FM and Sovereign Radio in Eastbourne to Media Sound Holdings, owner of Sussex-based Bright FM and Splash FM for £100k.

TLRG: sells radio stations
TLRG: sells radio stations

Arrow FM has an audience of 21,000 listeners a week in East Sussex, according to Rajar figures for the first quarter of 2009. In the eight months to 31 May, Arrow had a turnover of £221,998, an operating loss of £118,167 after central costs and owed £950,358 in liabilities.

Sovereign Radio transmits to 26,000 listeners a week across Eastbourne in East Sussex. It had a turnover of £309,208 in the eight months to 31 May 2009, an operating loss of £85,905 and liabilities of £765,435.

Media Sound Holdings' existing radio properties are also based in Sussex - Bright FM is based in Burgess Hill, West Sussex, and 107.7 Splash FM broadcasts from Worthing.

Last week, TLRC decided to close High Wycombe-based Mix 107 and hand the licence back to Ofcom on 1 July.

Earlier in June, TLRC sold Macclesfield radio station Silk FM for a nominal sum, as well as its 80% stake in Fire Media, which broadcasts Bournemouth station Fire, for £1, plus a deferred payment of a reported £40,000.

UKRD, led by chief executive William Rogers, took control of TLRC, which at the time operated 20 local radio stations, including Arrow FM, Wessex FM and The Quay, in May after a takeover battle with Hallwood, an investor group led by TLRC chairman Anthony Gumbiner.

The sale of Arrow FM and Sovereign Radio are the fourth and fifth moves 

Have your say...

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Media Week Jobs
Search for more media jobs

Latest

Letter from Barcelona: 'The Experience Economy' at Mobile World Congress

Letter from Barcelona: 'The Experience Economy' at Mobile World Congress

The chief digital officer, APAC, for McCann Worldgroup walks the show floor and sees the future of connected brands

Share
Evgeny Lebedev gets a close shave from Elton John for Comic Relief

Evgeny Lebedev gets a close shave from Elton John for Comic Relief

Evgeny Lebedev, owner of the Evening Standard, the Independent and London Live, has had his beard and eyebrows shaved by Sir Elton John for Comic Relief.

Share
Now TV launches 'magic ads'

Now TV launches 'magic ads'

Now TV, the online TV streaming service by Sky, has created "magic ads" to show off its new branding and push the services it provides.

Share

Get news by email