Ray Anderson, boss of UK commercial broadcaster Radio London, says the station has secured new funding for the project to go forward and survive in what is now a very competitive radio market. In a statement on the station’s website, Anderson says:
“When I relaunched the station in May of this year, we launched with a relatively small amount of money to test the financial viability of the project. It is always difficult to find investment for a business when it is a start-up. But now, investors can hear it, visit the studios etc., so it is easier to look at the future potential now. By securing our proper funding, it will enable us to go forward with the business and make sure we are in a very good position to be around for a long time to come. I have been working very hard on this for a few months and we are very happy about all the arrangements and the fact that we are making great progress to get the AM back on. We will also be promoting the station with an extensive Poster campaign to our target audience from December.
“We will be in Rajar [Radio Joint Audience Research Ltd] from January 2006. This will be essential, we are already talking to advertising agencies and some major deals with blue chip advertisers are being lined up now. Obviously the company is still losing money, but we hope to be profitable from about the middle of next year.”