The UK Office of Fair Trading (OFT) has issued an Invitation to comment on the acquisition of Club Asia by the Litt Corporation.
The OFT does this when they think that the deal needs to be looked at and is the first stage of possibly taking it further.
As we exclusively reported last month, Litt Corporation are being investigated by the OFT over concerns that they would hold a complete monopoly of the Asian London analogue radio market.
Buzz Asia Limited, a subsidiary of Litt Corporation Limited is hoping to launch a new radio station on the licence currently allocated to Club Asia London Ltd.
Judging by the many emails and comments published on BizAsia.co.uk, many readers will welcome this decision by the OFT, to obtain feedback on Litt Corporation’s recent purchase.
The process now is that the OFT requires comments by Tuesday 3rd November 2009. Thereafter the OFT will publish a report on its findings at a later date, around Tuesday 15th December.
The OFT told us that are seeking comments from “knowledgeable people in radio” and the public. Comments should be sent direct to the Office of Fair Trading.
The news of Litt Corporation’s purchase of Club Asia has left many sections of the media and public angry. Some people have left harsh messages on BizAsia.co.uk’s Comments field, for the Corporation.
It currently owns Sunrise Radio, Kismat Radio and Punjabi Radio. The latest – Club Asia, which will be branded to Buzz Asia, as previously revealed on BizAsia.co.uk, it would mean the Litt Corporation having a complete monopoly of the Asian London analogue radio market. It۪s the latter fact, which has left many annoyed. Some listeners expressed their unhappiness about Club Asia being cloned into another “commercial-heavy” Sunrise Radio type of station. Others said it was unfair on advertisers as they will have no choice but to associate themselves with the Corporation even if they were not required to do so in the past.
BizAsia.co.uk will continue to bring you the latest on this developing story.