'News: Schroder Investment Management Limited Increases Shareholdings In UK Commercial Radio Sector' by Grant Goddard
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News story about increased shareholdings by Schroder Investment Management Limited in UK commercial radio sector companies, written by Grant Goddard in September 2006 for The Radio Magazine.
![News: Schroder Investment Management Limited Increases Shareholdings In UK Commercial Radio Sector page 2
©2006 Grant Goddard
Last month, Schroder Investment Management Limited increased its
shareholding in GCap Media plc to 13%, making it GCap’s third largest
shareholder behind Fidelity (14.4%) and 'The Daily Mail' (14.4%). At the same
time, Schroder has raised its holding in Chrysalis to 24.5%.
Schroder fund manager Andy Brough explained: “There is value here. People
haven't thought about the fact that traditional media companies have been
around for a long time. They've already got the customers. They can take them
with them online. If you are starting up online, you have to find customers to
start with. GCap have set out their stall: they are valued at just £400m, and
they have one of the leading [radio stations] in the number one capital in
Europe.”
Anthony de Larrinaga, media analyst at stockbroker SG Securities, said:
“There are a number of US value investors looking over here. To buy right,
they have to buy on the way down. They take a four- to five-year view, and
they can afford to take short-term losses on the chin.”
According to 'The Observer' newspaper, one US investor that controls funds
worth $35bn has visited several British radio companies, including GCap, with
a view to investing in the sector. These investors believe that the British market
leaders have embraced new technology, including digital radio, and will gain
as a result whereas, in the US, domestic radio groups are threatened by
subscription satellite radio services that have spent large sums hiring nationally
known presenters.
According to de Larrinaga, “These guys are global. They are value investors
looking for opportunities that funds which operate on a short-term basis [can't
see] and they are willing to bet that long-term value will materialise. They have
a good track record and have the courage of their convictions.”
[First published in 'The Radio Magazine' as 'Schroder Sees Value In Radio', #752, 6 September 2006]
Grant Goddard is a media analyst / radio specialist / radio consultant with thirty years of
experience in the broadcasting industry, having held senior management and consultancy
roles within the commercial media sector in the United Kingdom, Europe and Asia. Details at
http://www.grantgoddard.co.uk](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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'News: Schroder Investment Management Limited Increases Shareholdings In UK Commercial Radio Sector' by Grant Goddard
- 1. NEWS: SCHRODER INVESTMENT MANAGEMENT LIMITED INCREASES SHAREHOLDINGS IN UK COMMERCIAL RADIO SECTOR by GRANT GODDARD www.grantgoddard.co.uk September 2006
- 2. News: Schroder Investment Management Limited Increases Shareholdings In UK Commercial Radio Sector page 2 ©2006 Grant Goddard Last month, Schroder Investment Management Limited increased its shareholding in GCap Media plc to 13%, making it GCap’s third largest shareholder behind Fidelity (14.4%) and 'The Daily Mail' (14.4%). At the same time, Schroder has raised its holding in Chrysalis to 24.5%. Schroder fund manager Andy Brough explained: “There is value here. People haven't thought about the fact that traditional media companies have been around for a long time. They've already got the customers. They can take them with them online. If you are starting up online, you have to find customers to start with. GCap have set out their stall: they are valued at just £400m, and they have one of the leading [radio stations] in the number one capital in Europe.” Anthony de Larrinaga, media analyst at stockbroker SG Securities, said: “There are a number of US value investors looking over here. To buy right, they have to buy on the way down. They take a four- to five-year view, and they can afford to take short-term losses on the chin.” According to 'The Observer' newspaper, one US investor that controls funds worth $35bn has visited several British radio companies, including GCap, with a view to investing in the sector. These investors believe that the British market leaders have embraced new technology, including digital radio, and will gain as a result whereas, in the US, domestic radio groups are threatened by subscription satellite radio services that have spent large sums hiring nationally known presenters. According to de Larrinaga, “These guys are global. They are value investors looking for opportunities that funds which operate on a short-term basis [can't see] and they are willing to bet that long-term value will materialise. They have a good track record and have the courage of their convictions.” [First published in 'The Radio Magazine' as 'Schroder Sees Value In Radio', #752, 6 September 2006] Grant Goddard is a media analyst / radio specialist / radio consultant with thirty years of experience in the broadcasting industry, having held senior management and consultancy roles within the commercial media sector in the United Kingdom, Europe and Asia. Details at http://www.grantgoddard.co.uk