Hotline: Ofcom offers to renew three national radio licences

Ofcom has offered to renew the three main national radio licences on vastly reduced terms to the broadcasters to reflect increased competition in the market. It has proposed Classic FM's annual payment of £1.16 million be slashed to £50,000 for a four-year period. It also recommended that talkSPORT's annual contribution be cut from £563,000 to £100,000 and Virgin Radio's from £1.13 million to £100,000.

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