Sunrise Radio Group has sold its controlling share in Radio Plymouth.
The control will now be handed over to local shareholders, who have injected substantial new capital into the business gaining a 64% controlling interest for the local shareholder group of nine individuals.
Radio Plymouth’s Chairman, David Rodgers, said, This is an expression of confidence in the local management and staff of the station. We recently had excellent RAJAR Audience Research results which prove that listeners and advertisers appreciate the mix of music, local news and information that we broadcast. No-one is in any doubt that these are tough times for many local traders but we are seeing an increase in advertising revenues and a gentle improvement of confidence in the market.
Staton Manager, Tim Manns said, We have just celebrated our third birthday on-air and I am extremely pleased that ownership of the radio station will now be concentrated locally. Launching any business in a recession as severe as this one was always going to be challenging; the local shareholders have strengthened their support for the concept of a locally owned and operated broadcast company. I see this as an exciting further step towards fulfilling our potential and becoming the most listened to radio station on the dial in the Plymouth area.
The change of control is subject to formal ratification by media regulator Ofcom.
Recently, Sunrise Radio Group has ceased broadcasting on digital radio in the West Midlands, plus taken off all its channels from the Sky Digital platform – including Sunrise TV.
Extracts from RadioToday