GCap sells Planet Rock to undisclosed buyer

by Jacquie Bowser, Brand Republic 30-May-08, 10:15

LONDON - GCap Media has sold Planet Rock to an undisclosed buyer, according to Queen lead guitarist Brian May who was close to finalising a deal for the digital radio station.

May wrote on his blog that he was "shocked and hugely disappointed" after GCap sold the classic rock station to a third party, despite agreeing the principles of a takeover with his group a few weeks ago.

He wrote: "Well, I'm sitting here with jaw open. We just found out that GCap, the owners of Planet Rock, have sold the station to a third party, without so much as mentioning their change of plan to us.

"Our chaps have been pressing on with GCap's lawyers, finalising the arrangements, the principles having been agreed a few weeks ago, but, out of the blue, we heard a rumour that someone else was involved, and this morning someone 'unofficially' confirmed that rumour.

"All I can say is I'm shocked and hugely disappointed. What a way for people to behave. I suppose that's what you can expect from the corporate world these days."

GCap has not yet disclosed the buyer and declined to comment this morning. The radio group said in February that was planning to close Planet Rock by March 28.

However, GCap subsequently received unexpected offers for the station and kept it open.

May said he was unsure whether it would still be "saved" from closure.

He wrote: "We have no idea if the people who have bought Planet Rock plan to keep it running or not. I guess we can just hope that it will still be 'saved', but without us.

"It's such a shame... we had such plans..."