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Merger for Isle of Wight Radio

Friday, October 5, 2012 - 11:36

ISLE of Wight Radio is to merge with a mainland media company.
The station announced today (Friday) that it was to merge with Sussex-based Media Sound Holdings, which also owns Arrow FM, Bright FM, Sovereign FM and Splash FM.
MSH has acquired 100 per cent of Isle of Wight Radio Holdings, which also includes the Beacon magazine, in an all share agreement, according to a statement issued by the companies.
The deal means that share holders in Isle of Wight Radio Holdings will become share holders in the MSH group.
Isle of Wight Radio managing director Claire Willis and chairman Hedley Finn will join the MSH board.
The companies hope to finalise the deal by early November, after due diligence has been carried out.
Ms Willis said there would be no impact on staffing and the station would continue to focus on Isle of Wight life and news and broadcast from the Isle of Wight.
She said there were no plans to share content at this stage, although it could be looked at in the future for off-peak times.
Allan Moulds, chief executive of Media Sound Holdings Limited, said: "Media Sound Holdings is a profitable and ambitious radio group and we are very much looking forward to working with Claire and her talented team at the Arqiva Radio Station of the Year; Isle Of Wight Radio and also the team at Beacon Media.
"This deal will allow our five radio stations to continue to deliver great local radio whilst benefitting from economies of scale. In addition, we have some very exciting plans to expand both our events and magazine activities."
Claire Willis Managing Director of Isle Of Wight Radio & Beacon Media Ltd said: "Isle of Wight Radio has 22 years of heritage and has been awarded a number of industry accolades.
"Since taking over The Beacon Magazine in July 2011 we have been looking further at ways we can develop the business and we are delighted to be merging with Media Sound Holdings as this provides scope on so many levels to grow and also introduce new platforms."

 


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