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Century 105.4FM sold to Guardian Media Group

19/10/2006

GCap Media has sold Manchester radio station Century 105.4FM to the Guardian Media Group (GMG), it has emerged.

The £60 million deal also included the sale of Gateshead radio station Century 100-102FM.

GCap Media, which owns Classic FM and Capital Radio, sold the stations in order to reduce its £76 million debts and £8.5 million pension scheme deficits.

Reuters reports GCap Media chief executive Ralph Bernard as saying: "These disposals make strong commercial and strategic sense.

"This deal not only allows us significantly to reduce our debt levels but will also provide us with the financial flexibility to continue to invest in priority areas of the business."

According to the Guardian, GCap will still sell national advertising for the Manchester and north-east radio stations for another five years or more.

Among GMG's other interests are the Guardian and the Observer, which it publishes, and Greater Manchester TV station Channel m, which is a wholly owned subsidiary of the media group.



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