Radio Tay owner Bauer Media hopes to snap up London-based station Absolute Radio after launching a bid which is reckoned to be worth around £22 million.
The acquisition, which is subject to approval by the Office of Fair Trading, will see Absolute which started life in 1993 as Virgin Radio join stations including Kiss and Magic in the German-owned group’s stable.
As well as operating a string of local stations across the UK, Bauer also publishes magazines such as Grazia, Heat and Closer.
Absolute is reckoned to reach 1.7 million listeners a quarter, and up to 3.3 million if all dedicated spin-offs, which include stations dedicated to specific decades, are included.
The sale is the latest chapter in the station’s colourful history. Though launched under the Virgin banner, breakfast presenter Chris Evans launched a buy-out to make it part of his Ginger Media Group in the late 1990s.
He later sold the station to the then Scottish Media Group for £225m. The name was changed to Absolute in 2008 under the latest owners, the Times of India group.
DJs at the station include comedian Frank Skinner and former footballer Ian Wright. Donnach O’Driscoll, chief executive of Absolute, 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.”