Acquisition of Kent & Sussex Radio Ltd

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Wednesday 11 November 1998

DMG Radio Limited, a wholly owned subsidiary of DMGT, has acquired control of Kent & Sussex Radio Limited (KFM), the radio station serving Tunbridge Wells and Sevenoaks.

The Radio Authority announced yesterday that it had reached a positive public interest determination in respect of this acquisition. DMG Radio already owned 34.7% of KFM and following this determination has made an offer to all other shareholders. Irrevocable undertakings to accept this offer have been received in respect of 54.2% of the shares.

In its most recent financial year to 30 June, 1998, KFM had unaudited net assets of £0.1 million.

Earlier in the year DMG Radio made its first acquisition in the UK when it purchased Essex Radio plc, a group of five stations: Essex FM, The Breeze, Ten 17, 96.6 Oasis FM and Vibe FM.

DMG Radio has extensive commercial radio operations overseas. It currently owns 55 commercial stations in Australia and is the managing partner and largest shareholder in Danubius Radio, the leading Hungarian national FM music station. In the UK, DMG Radio is also the largest shareholder in GWR Group plc and is also a significant shareholder in London News Radio.

DMG Radio is the radio division of the Daily Mail and General Trust plc, which has been an investor in UK commercial radio since the inception of the industry in 1973.

Inquiries to:
Peter Williams, Finance Director, DMGT - 0171 938 6631