Isle of Wight Radio Up For Sale?
Jul 7th, 2009 | By Web Ferret | Isle of Wight News From The Island Pulse
Online news reports: The Local Radio Company (TLRC) is understood to be in discussions to sell Isle of Wight Radio to a single party, although the identity of the buyer is not known.
The sale should be completed by the end of July. Should it go through, it will be the fifth sale since UKRD took control of TLRC in May.
TLRC, which employs about 175 staff and was taken over by majority shareholder UKRD in May, reported a loss of £4.6m for the six months to the end of March. Staff at The Local Radio Company headquarters in High Wycombe were left fearing for their jobs after the company confirmed plans to close the office and make some of about 30 employees based there redundant. The company managed to stave off the threat of bankruptcy by securing a £1m loan facility from UKRD.
Since 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 about £40,000. Along with Hastings-based Arrow FM and Sovereign Radio in Eastbourne to Media Sound Holdings, owner of Sussex-based Bright FM and Splash FM for £100,000 and decided to close the High Wycombe-based Mix 107 and hand the licence back to Ofcom.
