NEWS: HAZLITT RESIGNATION FROM 'VIRGIN RADIO' FUELS SPECULATION ABOUT HER FUTURE PLANS by GRANT GODDARD

www.grantgoddard.co.uk January 2007

Fru Hazlitt’s sudden departure from 'Virgin Radio' last week has fuelled a host of rumours about the reasons for her resignation and her future plans. Some speculation has referred to a possible link-up with GCap Media plc, which helped raise the beleaguered company’s share price to 216.75p at one point last week, significantly up from the previous Friday’s closing price of 205.25p. The rumours have included:  Hazlitt will join GCap as MD of 'Capital Radio', 'Xfm' and 'Choice FM', with added responsibilities for digital development and relations with the City. One analyst said: "If I were GCap, I would be approaching her. The City has a lot of time for Hazlitt, and GCap has not had the success that investors had hoped." Hazlitt will join a private equity group in an acquisition bid for GCap. Hazlitt’s sister, Gillian Sheldon, works at Credit Suisse First Boston, which has been GCap CEO Ralph Bernard’s adviser for nearly a decade. One private equity insider said: "In the end, I don't think the numbers would work." Hazlitt will join EMAP plc, currently without a CEO for its 'Kiss FM' brand. Hazlitt approached the Scottish Media Group plc [SMG] board with a management buyout bid for Virgin Radio that was rejected before Christmas. Hazlitt was frustrated that SMG had been “taking money out of Virgin to shore up other parts of the empire”, according to one source.

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[First published in 'The Radio Magazine' as 'Hazlitt Exit Fuels Speculation', #771, 17 January 2007]

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

News: Hazlitt Resignation From 'Virgin Radio' Fuels Speculation About Her Future Plans ©2007 Grant Goddard

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