Jazz fm anger at 'disloyal' director

EXECUTIVES at radio station jazz fm are furious that non-executive director Roger Parry accepted an offer from Guardian Media Group for his stake in the business without consulting them.

Jazz fm, which broadcasts in London and the North-West, received an offer document ten days ago stating that 50.5% of shareholders had accepted GMG's offer of 180p per share, valuing the station at £41m.

This majority shareholding includes GMG's existing 18.5% stake plus the 30.9% stake of US media group Clear Channel International, where Parry is chief executive. In addition, Parry had committed his own 1.1%.

An insider said: 'There is considerable anger. Parry's job as non-executive director is to act in the best interests of all shareholders, but how can he when he has accepted without talking to the board?'

A stormy meeting is expected tomorrow when jazz fm's board - including chief executive Richard Wheatley and Parry - considers the GMG offer. Parry insists there is no conflict of interest and says he would accept a better offer. The acceptance of Clear Channel International and Parry is conditional on no competing offer of 220p or more being received within ten working days. Jazz fm's shares closed at 188 1/2p.