Bauer Media UK has agreed with Times of India to acquire the Absolute Radio business, subject to regulatory clearance. The deal is believed to be worth around £22m.
Paul Keenan, CEO, 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, CEO, 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.”
Keenan added: “Absolute Radio and its sister brands are loved by millions of UK consumers and by advertisers. This acquisition will be an opportunity to learn and share across both businesses.”
Bauer owns magazines in the UK including Heat, Kerrang! and Grazia, and owns radio stations including Kiss and Magic.
Absolute Radio DJs include Christian O'Connell, Ronnie Wood, Frank Skinner and Ian Wright.