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Local Radio Company
- BY: Andrew Hore |
- POSTED: 07/01/2009 |
Local Radio Company is selling JazzFM.
LRC secured the licence for Jazz FM from Guardian Media Group for a three year period. The station was launched on digital radio last October.
Richard Wheatly has resigned as a director of LRC in order to head up a consortium to buy JazzFM. Wheatly ran the original JazzFM business before it was bought by Guardian Media and he was also the founding chief executive of LRC.
LRC was expected to report its full year results in December 2008.
The most recent RAJAR figures shoed that listening hours had fallen from 6.29m to 6.06m from the second to the third quarter of 2008.
At 2.75p a share, LRC is valued at £1.98m. There was £2m of cash in the bank at the end of March 2008. Since then disposals have brought in cash but continuing losses will have used that up.
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