GCap falls: An ever more superdense radio company forms tonight

After GWR and Capital merged, there was a lot of excitement about what this powerhouse in local radio would do.

Lose audiences, mostly, it turned out. Now, after a will-they-won't-they that made Niles and Daphne from Frasier look like bed-crashing bone-jumpers, GCap has, in turn, been swallowed up by Global. This is great news for people in London, who can now safely ignore Capital, XFM, Heart, Galaxy and LBC as they'll all be owned by the same company. Ofcom must be thrilled at having managed to maintain plurality in media ownership so effectively.

When Capital and GWR merged, the company was worth about £700million. This deal puts the value of GCap at about £375m, so any claims that the management team had managed to destory half the value of their portfolio isn't quite true.