Ex-trainee buys Beacon Radio
A former BRMB trainee has bought the radio station and seven more Midlands licences including Wolverhampton-based Beacon Radio and Gold in a deal thought to be worth £40 million.
Veteran radio professional Phil Riley, has taken over Beacon and Gold, which broadcasts in the city, Birmingham and Coventry, from Global Radio.
Other brands included in the sale, backed by Lloyds TSB Development Capital (LDC), include Mercia FM in Coventry, Radio Wyvern in Worcester and Heart 106 in the East Midlands. Heart will continue to operate under the same name through a brand licensing agreement.
Mr Riley, a former chief executive of Chrysalis Radio, launched his radio career as a graduate trainee with Birmingham-based BRMB.
He ran Chrysalis Radio, the company which operated Heart, for eight years until 2007 when the business was bought by Global.
Mr Riley, chief executive of LDC Midlands, saw off competition from German radio company Bauer which had engaged in lengthy negotiations with the sellers.
Mr Riley said: "We are delighted to be taking ownership of these stations
"I have a real passion for radio in the Midlands, as someone who has spent most of his working life in the region, and LDC are perfect partners given their Birmingham base.
"These stations represent a fantastic opportunity for growth and we can't wait to start working with the teams there."
