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Global Radio appeals against order to sell off GMG Radio stations Global Radio appeals against order to sell off GMG Radio stations
(4 months later)
Global Radio is refusing to give up its fight to keep control GMG Radio, owner of the Real and Smooth networks, submitting an appeal against the competition regulator's order to sell off stations across the UK.Global Radio is refusing to give up its fight to keep control GMG Radio, owner of the Real and Smooth networks, submitting an appeal against the competition regulator's order to sell off stations across the UK.
The UK's largest radio operator, owner of network radio brands including Capital, Heart and Real, will on Friday make a submission to the Competition Appeal Tribunal in order to try and overturn the sell-off order.The UK's largest radio operator, owner of network radio brands including Capital, Heart and Real, will on Friday make a submission to the Competition Appeal Tribunal in order to try and overturn the sell-off order.
Last month ,the Competition Commission effectively torpedoed Global Radio's £70m acquisition of GMG Radio, ordering it to divest stations in seven areas of the UK to appease competition concerns.Last month ,the Competition Commission effectively torpedoed Global Radio's £70m acquisition of GMG Radio, ordering it to divest stations in seven areas of the UK to appease competition concerns.
While Global Radio's lawyers clearly believe that it has a strong enough case to overturn the regulator's decision, the company has also appointed corporate finance house Lepe to look at the potential sale of stations.While Global Radio's lawyers clearly believe that it has a strong enough case to overturn the regulator's decision, the company has also appointed corporate finance house Lepe to look at the potential sale of stations.
The process to engage with potential buyers will be led by Lepe founder Jonathan Goodwin, a former managing director at Kelvin MacKenzie's Wireless Group, who has brokered deals including Friends Reunited's sale to ITV and Who Wants to be a Millionaire maker Celador's sale to Endemol.The process to engage with potential buyers will be led by Lepe founder Jonathan Goodwin, a former managing director at Kelvin MacKenzie's Wireless Group, who has brokered deals including Friends Reunited's sale to ITV and Who Wants to be a Millionaire maker Celador's sale to Endemol.
Attempting to overturn the Competition Commission's ruling will be a tough task, with one industry observer characterising Global Radio's move as "barmy".Attempting to overturn the Competition Commission's ruling will be a tough task, with one industry observer characterising Global Radio's move as "barmy".
However, after spending millions of pounds on top of the sale price to fight to keep GMG Radio, the company must consider the appeal to be worth the risk of failure.However, after spending millions of pounds on top of the sale price to fight to keep GMG Radio, the company must consider the appeal to be worth the risk of failure.
If Global Radio is forced to sell off the stations, it faces doing so in a market that is not flush with rivals likely to pay decent prices.If Global Radio is forced to sell off the stations, it faces doing so in a market that is not flush with rivals likely to pay decent prices.
The Competition Commission noted that it believed Bauer, the UK's second largest radio operator, would also fall foul of competition law if it tried to take on most of GMG Radio.The Competition Commission noted that it believed Bauer, the UK's second largest radio operator, would also fall foul of competition law if it tried to take on most of GMG Radio.
The third biggest player, TalkSport-owner UTV Media, offered a significantly lower sum when it was outbid for GMG Radio by Global Radio.The third biggest player, TalkSport-owner UTV Media, offered a significantly lower sum when it was outbid for GMG Radio by Global Radio.
Global Radio declined to comment.Global Radio declined to comment.
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