SMG’s shareholders approve ‘Virgin Radio Sale’
Scottish media group's shareholders have finally approved the sale of London’s Virgin Radio at its extraordinary general meeting.
SMG, which owns the ITV franchise in Scotland, will use the proceeds of the sale to pay debts and to return about $60 million to shareholders.
The national radio station was bought by a consortium including the Times of India Group for £53.2 million in May, this year.
Times of India is one of India's biggest media conglomerates. It has interests in print, TV, radio, the internet and events, managing some of India's biggest media brands including Grazia, Top Gear and The Times of India.
Times of India subsidiary company - TIML Golden Square Ltd – buying Virgin Radio plans to invest £15m over the coming years and will announce a new brand this autumn.
Virgin Radio will be run by a combination of the subsidiary, Times Infotainment Media, and consortium partner UK radio company Absolute Radio, which owns the music station Jack FM in Oxford.
The sale is expected to be completed by June 30.
