Takeover of GCAP Media to conclude

ACCORDING to reports, the takeover of British radio group, GCAP Media — which owns XFM, Capital Radio and Classic FM — by the JP McManus, John Magnier and Dermot Desmond-backed Global Media, is likely to be concluded on Wednesday.

The Irish financiers have reportedly agreed to put up two-thirds of the €469m purchase price, with the remainder coming from Halifax Bank of Scotland Group (HBOS).