a bid of £41 million to Jazz FM plc at 180p per share. The bid came on the day the draft Communication Bill was published. Jazz FM plc's largest shareholder, Clear Channel, had been waiting for a 220p-per-share bid, but agreed to the 180p-per-share bid in late May. Herald Investment Management, which had a 7.7% stake in the company, and Aberforth Partners were unhappy with the 180p-per-share bid. On 6 June, GMG raised its bid to 195p per share to secure the institutional shareholders who were holding out for a better bid. Richard Wheatly announced that he would leave Jazz FM once the takeover was complete. The offer was declared wholly unconditional on 5 July. In December 2002, GMG moved its sales operation from Clear Channel Radio Sales to the Chrysalis Group, inline with the sales operation for other GMG Radio stations. Jazz FM TV Plans for a Jazz FM TV channel to start in the middle of 2004 were reported by websites from 2003. The channel would have been a mix of music videos and documentaries. Making way for Smooth FM In 2005, GMG dropped the name "jazz" name and rebranded Jazz FM Smooth FM. Chief Executive John Myers said, "As sorry as we are to say goodbye to Jazz FM, it's a sad fact of life that it has never made a profit in its 15 years of existence." However, in 2001 Jazz FM plc did make a profit before tax for the six months to December 2000 of £60,000, with most of the profit coming from Hed Kandi and other Jazz FM Records CD sales, a move of Jazz FM's sales team to Clear Channel's control, saving Jazz FM plc £1 million every year and increased revenues from advertising due to higher audience figures. Jazz FM also announced in 2001 that it had made full year profits before tax of £134,000 to 30 June 2001. Other reasons given for rebranding included disappointing RAJAR figures, that the Jazz FM name discouraged people from listening, and that the station wasn't playing enough jazz for the purists. The latter situation was solved by GMG Radio when it invested in the ejazz.fm website and changed the name to jazzfm.com at the same time 102.2 Jazz FM became 102.2 Smooth FM. Included in the investment would be two dedicated jazz stations. The North West version of Jazz FM was the first to