LBC 97.3 - Ownership

Ownership

In 2002 the company was bought for £23.5m by the media company Chrysalis, who trumpeted their purchase with the promise that they would lift the listenership to at least one million from around 700,000 (LBC enjoyed an audience of more than two million in the early 1980s). Production was moved to Chrysalis's base in North Kensington, and the formatting of the two frequencies was swapped, the talk format moving to FM and the news format to AM; but an array of presenters including Boy George, Henry Kelly, Caroline Feraday and Sandi Toksvig (all no longer with the company).

In February 2007, Chrysalis confirmed media speculation that it was 'reviewing' the entire radio operation at its investors' request. Further media speculation from The Guardian suggested that the group had little option, due to shareholder pressure, to sell its radio arm, including LBC, raising up to £200,000,000 for new acquisitions, while The Daily Telegraph suggested that it could be the subject of a 'management' buyout. Subsequently it was announced on 25 June 2007 that LBC along with its sister stations The Arrow, Heart and Galaxy network were to be sold for £170 million to Global Radio by the Chrysalis Group, whose Chrysalis Radio operation closed down.

Global Radio owns and runs a number of major London and national brands including Classic FM, Capital (radio network), Heart (radio network), Xfm, Gold (radio), LBC News 1152 and Choice FM.

Global Radio group was formed by Ashley Tabor CEO, Charles Allen Chairman and Richard Park (broadcaster) Executive Director & Group Director of Broadcasting in 2007. Its headquarters are at 30 Leicester Square in London.