Revenue drop.

WREXHAM and Chester local radio station MFM owner GWR and Capital Radio said yesterday the advertising market had been challenging in the run up to their merger due later this year.

GWR, which also owns Classic FM and a network of other radio stations, said revenues were forecast to be down 4% in January.

Merger partner Capital was slightly more upbeat asJanuary revenues were likely to be flat, following a 4% drop in the final three months of 2004. The pair expect to complete their tie-up in early May, creating a group with 56 analogue stations and 93 digital stations.

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Title Annotation:	Business
Publication:	Daily Post (Liverpool, England)
Date:	Jan 26, 2005
Words:	100
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