Clear Channel Takeover Ruled Out by UK’s Capital Radio

10 July 2003

The boss of UK radio firm Capital Radio is ruling out a merger with stateside behemoth Clear Channel.

Capital is tipped to be a takeover target once media law is relaxed to allow non-European Union ownership, and Clear Channel is known to be on the lookout for a way into the British market [WAMN: 18-Nov-03].

However, the UK firm’s ceo David Mansfield told the Radio Festival in Birmingham that Capital’s corporate culture would not sit well with that of Clear Channel, which he said was chiefly concerned with selling burgers and cars.

“There are some fundamental cultural differences in approaches between a company like Clear Channel and a company like Capital,” he declared.

“[Clear Channel boss] Lowry Mays said at this conference last year that his business was all about selling hamburgers and Fords. But we are driven by listeners."

He added that the US firm had made it clear it would enter the UK “by invitation only”. Concluded Mansfield: “I won't be picking up the phone.”

Data sourced from: BrandRepublic (UK); additional content by WARC staff