Former GMG Radio managing director Stuart Taylor received a total pay-off of £1.33m from its sale to Global Radio, it has been revealed.
GMG sold its radio business, which includes the Real Radio and Smooth Radio networks, to Global for an estimated price of £70m.
The sale has since come under scrutiny from the Competition Commission, which has recently concluded that Global must sell seven stations to complete the acquisition in order to comply with competition rules. Global is appealing the decision.
Taylor’s pay-off included a £710,000 “transaction bonus” on achieving the high sale price, another £509,000 for loss of office when he left GMG on 30 June last year following the sale, and more than £100,000 in salary and pension payments. The figures were revealed in Guardian News & Media’s annual figures, released today.
He had originally joined GMG in 1988 and had held a number of senior positions within the company.
He is now UK CEO for worldwide media planning company Kinetic.