Bauer Media’s bid to buy Absolute Radio has reportedly faltered, according to The Guardian. Insiders say that takeover talks got very close to reaching a deal, but final specifics could not be agreed.
As previously reported, TIML Radio has been toying with the idea of selling the loss-making UK radio business for a while, though initially withdrew from active sale talks until John Pearson, who previously led the station when it was still Virgin Radio, arrived with a new offer late last year.
Pearson’s bid ultimately failed, but seemingly led to new talks between TIML and Bauer, the radio division of which owns the likes of Magic, Kiss and Kerrang! Radio. Word has it that this time Bauer got very close to doing a deal. Quite what stopped things going through isn’t clear, though TIML has generally tended towards the optimistic when it comes to a price-tag for the Absolute business.
It’s not clear if this will lead to Pearson re-entering the game, or is an opportunity for TalkSport owner UTV Radio, which has also expressed an interest, to lead the bidding. Time will tell.