Bauer Media has bought digital radio station Planet Rock in a deal reportedly worth £1-2 million.
As previously reported, Planet Rock’s current owner Malcolm Bluemel put the digital rock station on the market last September, with reports he was close to a deal with magazine publisher and TV/radio service operator Bauer circulating earlier this month. Bluemel saved Planet Rock back in 2008 when what was then GCap Media started to shut down its digital-only services. If the new deal is worth £1-2 million, the entrepreneur will have taken a hit on his radio venture, with insiders saying he was hoping for a deal closer to £3 million to recoup his investment into the media company.
Bauer already operates a rock station, on digital and in the Midlands on FM, under its Kerrang! brand, and is also said to be bidding for another rock radio station, Absolute. Quite what the media firm has planned isn’t clear, though most expect some kind of consolidation of brands over its various rock-based frequencies. Moving forward Planet Rock will be headed up by Bauer Radio’s London MD Steve Parkinson.
Confirming the acquisition, Bauer Media UK CEO Paul Keenan told CMU: “Radio is in growth in the UK and Planet Rock, through its passion for great music, offers listeners and commercial partners an engaging and relevant experience. Our media, along with the music industry, are seeing a real resurgence in guitar-based music, which makes this acquisition an exciting and timely addition to our portfolio of national radio brands and music magazines. Planet Rock has built an excellent reputation with listeners and the music industry. We are looking forward to the station becoming part of our global media company where we can offer significant resources across multiple brands and platforms to take it to even greater heights”.
Bluemel added: “Planet Rock is going to a great home. Bauer is a business that really cares about building brands and music radio in particular. The station is in safe hands with the new owners and I’m looking forward to following its success going forward”.