Local newspaper group Johnston Press has completed its sale of the radio interests it inherited along with its purchase of the Regional Independent Media group in April 2002, writes Wale Azeez.
Last week Johnston, the UK’s fourth largest regional newspaper publisher, sold its 33 per cent stake in Two Boroughs Radio (2BR), based in Burnley, East Lancashire, to the Local Radio Company for £1.2 million in cash.
The 25 per cent speech-based radio station turned over £344,000 for Johnston during the 2002/3 fiscal year.
The purchase takes LRC’s stake in 2BR up to 65 per cent, and is the company’s first acquisition since it floated on AIM in May when it bought 22 other radio stations from the Guardian Media Group and GWR.
2BR is also a major shareholder in the Bee Consortium, which is bidding for the recently advertised Blackburn licence, due to be awarded later this year.