Scottish Radio in Emap's sights

MAGAZINES-to-radio group Emap is aiming to buy Scottish Radio Holdings, in which it already has a 27.8% stake.

The £90m holding was bought from Scottish media group SMG in January.

At the time, Emap said it did not intend to make an offer for the whole of SRH unless a third party did so or acquired a substantial stake.

Following that statement, Emap was prevented by City rules from making a bid for SRH for six months. That time limit has now ended and radio industry sources say Emap chief executive Tom Moloney is preparing to make a bid for the remaining SRH shares.

Emap owns Kiss FM and the move would spark a long-awaited consolidation of the radio sector.

Emap, with a stock market value of nearly £2bn, has previously hinted that it might make an offer for all of SRH, which is worth about £320m.

Neither Moloney nor SRH chief executive Richard Findlay was available for comment.