Banker’s ‘Nix’ Triggers Wireless Group Sell-Off

30 May 2001

Commercial radio operator, The Wireless Group, controlled by Rupert Murdoch and fronted by the former editor of the tycoon’s best-selling British daily, The Sun, has failed to persuade bankers to stump up more cash to sustain its loss-making operations.

Following a thumbs-down from Barclays Capital, WG chairman and chief executive Kelvin Mackenzie has been told to sell a number of the group’s seventeen local radio stations [as predicted, WAMN: 18-May-01]. However, TalkSport, its main asset - if that is the accurate word for a radio station which last year lost £34 million - is not included in the auction inventory.

Nor, it is thought, are ScotFM, the central Scotland regional station, Dundee-based Wave 105, Stoke-on-Trent’s Signal 1 and The Pulse in Bradford and Huddersfield.

News source: The Times (London)