Media Sound Holdings (MSH) and Isle of Wight Radio Holdings (IWR) announce decision to merge.
Both MSH and IWR are independently owned media businesses that have been exploring the opportunities a merger would offer to strengthen and expand their services.
They have announced a merger agreement to combine their media assets in a deal that will see Media Sound Holdings acquiring 100% of IOW Holdings in an all share agreement. Claire Willis and Hedley Finn will be joining the board of MSH and will play an active role in the development of the business with Claire taking on a Group role in addition to her current position as Managing Director of Isle of Wight Radio and Beacon Media Limited.
The arrangement is subject to due diligence and both parties hope to have concluded the transaction by early November. Allan Moulds Chief Executive of Media Sound Holdings Limited commented: Media Sound Holdings is a profitable and ambitious radio group and we are verymuch looking forward to working with Claire and her talented team at the Arqiva Radio Station of the Year; Isle Of Wight Radio and also the team at Beacon Media. This deal will allow our five radio stations to continue to deliver great local radio whilst benefitting from economies of scale. In addition, we have some very exciting plans to expand both our events and magazine activities.”
Claire Willis Managing Director of Isle Of Wight Radio & Beacon Media Ltd commented: “Isle of Wight Radio has 22 years of heritage and has been awarded a number of industry accolades. Since taking over The Beacon Magazine in July2011 we have been looking further at ways we can develop the business and weare delighted to be merging with Media Sound Holdings as this provides scope onso many levels to grow and also introduce new platforms.”