Hazlitt to leave with £1m following GCap Global deal

by Daniel Farey-Jones, Brand Republic 25-Mar-08, 08:55

LONDON - GCap Media's chief executive Fru Hazlitt is reported to be leaving with close to £1m, as Global Radio prepares to tie up its £370m acquisition of Britain's biggest commercial radio group.

According to The Times, Hazlitt will walk away with a sum made up of a year's salary and bonus in lieu of notice and gains on her purchase of GCap shares, which have risen 60% since her appointment in December and Global's approach.

Global is also reported to have asked the Takeover Panel for an extension to its deadline to make a formal offer for GCap. The current deadline is tomorrow, but according to the Financial Times Global has asked for this to be pushed back to April 2.

It is believed that the separate auction of Virgin Radio by SMG has been narrowed down from four bidders to two, with TalkSport owner UTV the favourite. Virgin's price tag is put at between £60m and £70m.

Global is understood to now be focused on GCap, having put in a bid for Virgin. The other two bidders are Absolute Radio and Malaysian company Astro All Asia Networks, which is backed by Malaysian billionaire Ananda Krishnan.

Comments

Jeremy Lee - 25/03/2008

well worth every penny

JAMES SMYTHE - 26/03/2008

Ralph left with GCap worth less than his GWR was before the merger. Fru on the other hand has recovered some of the shareholders' money. Perhaps they just hired her to do that?