- Talk Radio is close to finalising its media bid for Independent Radio Group (IRG) in a deal thought to be worth about £22 million.
The commercial radio group run by Kelvin MacKenzie is in talks with IRG and may announce the deal as early as this week. Talk Radio is understood to have beaten off competition from Guardian Media Group, owner of The Guardian and Observer newspapers; Border Television and Capital FM, the London-based media group.
IRG received a takeover approach two weeks ago but no bidders were identified. The Talk Radio deal is expected to value IRG's shares at between 120p and 130p, more than twice the price earlier this month.
Wigan-based IRG owns six commercial radio stations, including Wire FM in Warrington, 1458 Lite AM in Manchester, Discovery FM in Dundee, Q96 in Paisley and Kingdom FM in Fife. But Talk Radio's top prize would be ScotFM, which broadcasts along the border region, taking in both Edinburgh and Glasgow.