The Week: Media news - Riley leads station buyout

Phil Riley, the former Chrysalis Radio chief, has emerged as the chief executive of a venture capital group that has acquired eight Midlands-based stations from Global Radio, fending off the rival bidder Bauer Media.

Riley's group, Lloyds TSB Development Capital, bought the stations, which include BRMB in Birmingham and are believed to be worth £30 million, for an undisclosed sum.