Guardian Media Group has received an offer of around £50m for its radio business, which includes the Real Radio and Smooth Radio networks, according to a report in The Guardian.
A story on its website said GMG had ‘built up the UK’s third largest radio group with acquisitions totalling in excess of £200m’but was ‘not thought to have officially raised the ‘for sale’ sign over GMG Radio”.
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The company was said to have received three offers for the business with highest totalling around £50m – despite the fact that according GMG’s balance sheet its radio business assets were valued at £118.9m.
The report added:
The most likely trade buyers to have submitted bids are Global Radio, the parent company of brands including Capital, Heart and Classic FM, and Talksport-owner UTV Media. It is understood that a third bid has come from an venture capital firm that aims to bring in its own management if its bid is successful.
Bauer Radio, which owns stations including Kiss and Magic, is not thought to be in the running.