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February 10, 2008

Business briefs: GCap Media, Setanta, Yahoo/Microsoft

By paulmcnally

GCap Media chief executive Fru Hazlitt is expected to sell the company’s 63 per cent stake in national digital radio platform Digital One for the nominal fee of £1. The UK’s biggest commercial radio group will also announce job losses and station closures when Hazlitt meets the City tomorrow, in a bid to stave off a £300m+ takeover bid by rival Global Radio. (Sunday Times)

BT, ITV, Virgin Media and a “large European media company” are among the rumoured bidders for sports broadcaster Setanta, with bids expected to be in the region of £1bn. (Sunday Telegraph)

Yahoo is understood to have turned down Microsoft’s £22.9bn takeover bid on the grounds that it “massively undervalues” the search giant. The board is reported to have rejected the unsolicited approach, but it is likely Microsoft will come back with a second offer. (Sunday Telegraph)

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