GCap Media was a British commercial radio company formed from the merger of the Capital Radio Group and GWR Group. The merger was completed in May 2005. It was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index. On 31 March 2008 the company agreed a takeover by Global Radio for £375 million. This was completed on 6 June 2008, and the company became a wholly owned subsidiary of Global Radio. On 1 November 2008, Global Radio discontinued using the name GCap Media. Pre-merger Capital Radio Group Capital Radio Group was, until May 2005, a London-based British radio group. The company was originally set up to operate a General Entertainment Independent Local Radio service in October 1973. Capital Radio was the second legal commercial radio station to launch in the UK, a few days after London news station LBC. In the 1980s the station was allowed to operate separate services on AM and FM. Changes to media ownership laws meant that Capital Radio Group was able to acquire other stations throughout the UK, becoming a powerful player in the UK's commercial radio industry; before the merger with GWR. In 1993, Capital bought BRMB, and in 1994 the Southern Radio Group which owned Southern FM, Invicta FM and Power FM. Fox FM in Oxfordshire and Red Dragon FM in Wales were also purchased in the 90s. Capital also acquired the Century FM stations in 2000 as well as Border Television to acquire its radio stations (subsequently selling the station to Granada plc a year later). All in all, Capital Radio Group controlled 22 analogue and 59 digital radio licences. In July 1998 Capital Radio Group bought the financially troubled "alternative" radio station, Xfm. In the early 21st century, Capital Radio Group expanded its range of FM stations, and also started broadcasting digital-only stations such as Capital Disney and Capital Life. GWR Group GWR Group was a British radio company with major assets including the nationwide station Classic FM and an extensive network of independent local radio stations in the UK. The letters "GWR" were chosen because its launch coincided with the reopening of the Great Western Railway in Bristol in 1985. Between 1996 and 1999 GWR was a major shareholder in London News Radio, which owned and operated London's LBC and News Direct radio stations. These stations were sold to Chrysalis Radio in 2002. GWR