Owners Mull Offers for London News Radio

22 January 2002

London News Radio – parent of FM station News Direct and AM service LBC – is the subject of a number of takeover offers, currently under consideration by its owners Reuters, ITN and GWR Group.

Among the bidders is Jazz FM (backed by America’s Clear Channel and the Guardian Media Group), which confirmed on Monday it had made an indicative offer.

Other companies thought to be interested are Scottish Radio Holdings and Chrysalis, owner of the Heart network.

LNR – which also owns a pair of digital licences – is valued at around £20 million. A deal is expected within the next six weeks.

News source: Financial Times