Classic FM has managed to secure the £6m funding for the first national commercial radio station by today’s deadline , the Radio Authority has announced.
Classic had until lunchtime today to secure unconditional financial support, after being awarded the licence by default following First National Radio’s failure to find funding.
Classic’s backers are believed to include Time Warner International, Allied Radio and GWR.
Classic hopes to attract £12m in advertising in its first year, rising to £24m in year two. Many City analysts are sceptical about the projected revenue figures.
