[London Lite]

The value of the FM transmitters is declining, but they still have value with older listeners who are likely to tune into GHR on FM and still have analogue receivers.

Bauer would have done the numbers with Lincs and now Gem and presumably the shares for DAB over FM are now higher, so can take the risk with a regional FM licence.

In any case, since Bauer replaced Gem's AC format with CHR, it now directly competes with Capital who have a strong audience share across the East Midlands.