MUMBAI: Sky News` radio version plans have been put into cold storage following Charles Allen`s Global Radio pull out of the joint venture.

Sky News Radio was due to launch on Global`s AM frequency in London and as a national digital radio station on Channel 4`s digital multiplex next year.

But in a joint statement from Sky and Global Radio, the pair said they would not proceed with the news radio service "for commercial reasons".

The joint venture was proposed before Chrysalis Radio`s ?170 million takeover by Global in August this year.

Sky is now in discussions with other third parties about launching the rolling news service, but a spokesman was unable to confirm that the station would definitely launch next year, says a Guardian report.

"Sky and Global Radio have confirmed that they do not intend to proceed with their proposed joint venture to launch a dedicated news radio service," said Sky and Global in a statement.

"The decision has been made for commercial reasons and follows the takeover by Global Radio of Chrysalis. The joint venture was to have launched a news radio service on AM in London and nationally on the 4 Digital multiplex. "Sky, Global and other third parties are exploring alternative options to launch a Sky News Radio Service."

A spokesman for the Global chief executive, Ashley Tabor, said that having looked at the contract it was commercially unattractive, and Global was not prepared to make the necessary investment in this project.

The rolling news service is planned to launch on the London AM frequency currently occupied by LBC News 1152 AM.

It was also one of the key offerings of Channel 4 Radio`s winning bid for the second national commercial digital multiplex. Channel 4 will run three of the stations, including Channel 4 Radio and E4, with other stations including Emap`s Closer, Asian service Sunrise and a children`s station from Disney.