Times Of India, the owners of UK rock station, Absolute Radio have confirmed that its future is safe after talks stalled between potential buyers.
Reports indicate that Sir Richard Branson and UTV have been interested in purchasing the station but did not offer anywhere near the asking price.
Times Of India say that the station is no longer up for sale. Chairman and Times of India CEO of Absolute Radio, Ravi Dhariwal said, “Absolute Radio has demonstrated great digital innovation, thought leadership and has significantly grown its business in the last 12 months we have great confidence in the British digital economy, in the One Golden Square team and in Absolute Radio۪s senior management as it heads towards breakeven in 2012 and we look forward to continuing to invest in the business for many years to come”.
Times Of India bought the station in 2008 and since then has had the upheaval task of marketing the station after its Virgin Radio rebrand. Its audience dwindled soon after the revamp but has since seen a steady increase.
Absolute Radio’s Chief Executive, Donnacha O’Driscoll said, “As we head towards our third birthday, One Golden Square continues to lead the radio industry. We have exciting plans afoot, including new launches – this business is just getting started.”