Lincs FM Group (Lincs FM) has been bought by Bauer Media Group (Bauer Media).
Lincs FM is a leading commercial radio group that comprises nine radio licences across Lincolnshire, Yorkshire and Rutland.
Bauer Media is the largest commercial radio group in Europe with 100+ radio stations. They also own over 700 magazines including market leading publications Grazia, Empire, Q, Mojo, Heat and closer and 400 digital products.
More on the deal
Lincs FM was formed by Michael Betton in 1991 and was awarded its first licence in the same year. The business has grown largely organically, winning eight competitively awarded licences and acquiring one other. Lincs FM 102.2 is the Group’s flagship station and is the only commercial radio station which serves the whole of Lincolnshire.
In the same swoop, Bauer Media has also bought Celador’s radio division. This adds 1.1 million weekly listeners to the Bauer Radio portfolio and extends its coverage. Bauer Media will also instantly sell KCFM in Hull to Nation Radio due to Bauer Media already operating in this market.
Both Cooper Parry Corporate Finance and the law firm, DLA Piper, acted for the shareholders of Lincs FM on the deal.
What people said
CEO of Bauer Media UK and European Radio, Paul Keenan, said:
“The UK’s love of radio shows no signs of diminishing and we are investing to extend our reach and broaden our offer. Radio enjoyed record revenues last year and continues to exceed advertiser expectations, offering proven positive brand impact within an uncertain landscape.
Bauer’s strong position on new listening platforms – with more than 60% of our listening now digital – will help secure the future of the acquired stations in the new audio world. Through this investment Bauer Media is demonstrating its fundamental belief in the UK, one of its key markets, which it is certain will continue to offer great opportunities for growth and economic success and in the continuing relevance of radio as a medium.”
Cooper Parry Corporate Finance Partner, Ben Rookes, said:
“We’ve worked with the Board of Lincs FM for a number of years and this is a great outcome for those involved. Michael, the CEO, set Lincs FM up from scratch, applying for its first licence in 1991, so it’s great to see an entrepreneurial business being rewarded. This is also one of several TMT deals we’ve been involved in recently, and it’s fantastic to see Bauer Media continuing to invest in UK radio”.
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