Global Radio has confirmed that it will agree to Competition Commission demands related to its acquisition of the Guardian Media Group’s former radio business. Global acquired GMG’s Smooth and Real Radio networks last year in a £70 million deal, but the arrangement required clearance from the competition regulator which ruled that the radio giant could only keep a minority of the additional stations it had acquired, and would have to sell off outlets in seven regions, either its recent Real Smooth acquisitions, or one of its existing operations in those markets.
Global called the ruling “outdated”, and said it failed to appreciate new competition in the advertising market that meant that the FM radio sector no longer operated in isolation. Last month the Competition Appeal Tribunal dismissed Global’s arguments against the Commission’s original ruling. Global has now said that it would not seek a further appeal, and instead would comply with the Commission’s ruling and put several stations up for sale in early 2014.