GCap Media
GWR was owned by Daily Mail and General Trust plc (majority share), various asset management firms, Sir Peter Michael, and other small shareholders.The two groups officially "tied the knot" on 9 May 2005, with GCap employees being given branded 'GCap' digital radios to commemorate the launch[citation needed].Many market commentators felt that the savings brought about by cost cutting and elimination of duplicated departments across the company were far outweighed by large drops in the audience and advertising revenue across the newly formed group.Over the following months, amid rumours of a GWR putsch, and continuing dissatisfaction from the City, a stream of executives from the former Capital Radio Group side of the business left the company, including David Mansfield himself.By this time, over £300m had been wiped off the market capitalisation of GCap Media, and the group was frequently touted as a take-over target by City commentators.Cost-cutting lay at the heart of Hazlitt's statement, including divesting GCap of its costly involvement in DAB – directly turning her back on the 'digital future' policy of her predecessor.It was announced that GCap had sold its interest in Digital One to Arqiva, and that "non-core" DAB stations, Planet Rock and theJazz, would be closing by the end of March 2008.The station theJazz ceased broadcasting as announced, but Planet Rock remained on air while negotiations took place with potential buyers, which were successfully concluded in June 2008.