Bauer Media does £25m deal for Absolute Radio

Absolute Radio: faces for radio by Albion London
Absolute Radio: faces for radio by Albion London

Bauer Media, the owner of Kiss and FHM, has agreed an estimated £20 million to £25 million deal to buy Absolute Radio from Bennett, Coleman and Co, the owner of the Times of India.

The deal follows years of protracted speculation about Bennett, Coleman and Co's talks with third parties about offloading the loss-making radio business and is subject to regulatory clearance.

The owner of the Times of India bought Absolute Radio from STV in 2008 for £53.2 million when it was known as Virgin Radio. The station relaunched as Absolute Radio in September 2008.

Paul Keenan, the chief executive of 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, the chief executive of 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."

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