Bauer Media UK is to acquire the Absolute Radio business from Times of India. The terms of the deal were not disclosed. The FT is reporting that Bauer paid between £20 and £25 million. Times of India Group acquired Virgin Radio for £53.2m in 2008 before rebranding it as Absolute.
Paul Keenan, CEO, Bauer Media UK, said, “We are looking forward to working with the award-winning team at Absolute Radio and have great respect for what it has achieved. We are excited about welcoming this complementary music radio business with renowned digital assets into Bauer.”
Donnach O’Driscoll, CEO, Absolute Radio, said, “The Absolute Radio business has never been in better shape as we approach our fifth birthday. Bauer Media UK is a business that really cares about building famous media and entertainment brands and music radio in particular. This brand will continue to thrive as part of the Bauer group.”
Keenan added: “Absolute Radio and its sister brands are loved by millions of UK consumers and by advertisers. This acquisition will be an opportunity to learn and share across both businesses.”
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