Radio company GCap has bought a local social networking website in a bid to access new classified revenue streams.
GCap, parent company of Capital Radio and Classic FM, has acquired a majority stake in welovelocal.com for £650,000.
Welovelocal.com, owned by Duncan and Max Jennings, allows users to read reviews and add their own recommendations on local businesses.
GCap said it would combine the website’s online audience with its own network of radio brands to enhance its broadband strategy.
GCap chief executive Fru Hazlitt said the deal would help build commercially attractive online communities and access new classified revenue streams. She said: ” will integrate its listings and reviews into our Capital 95.8 and One Network sites, enhance and support the on-air experience across these stations and develop welovelocal.com into the leading user generated reviews site in the UK.
‘This will allow us to build commercially attractive online communities of interest, to exploit our local presence and access new classified revenue streams.”
GCap is currently in talks over a proposed £371m takeover by Global Radio, which, if it goes through, would see over half the UK radio’s advertising controlled by one group.