SMG continues to search for CE
Posted by
SMG continues to search for CE

The Scottish Media Group have drawn up a 'long list' of potential candidates to take over as Group Chief Executive.

A number of people have been approached, and the Chairman is currently in discussions with potential candidates for the position.

The news comes as part of the Market Trading Update today, where the Board of SMG report that Virgin Radio maintains its out-performance of the radio market. However, due to the high operational gearing of its television and cinema businesses, the Board now believes that SMG's profits for the full year 2006 will fall materially behind its previous expectations. As a result, the
Group is in discussions with its banks in relation to a potential breach of certain of its financial covenants and a satisfactory outcome is expected.

In addition, the company has received a significant number of expressions of interest in both Primesight and Pearl & Dean. The disposal process for each business is under way, with the sale of Primesight proceeding more quickly as a result of its stronger trading. Further market updates will be released as appropriate.

Hear more radio industry news like this at the top of the hour on inRadio - the radio industry's very own radio station. Listen now in a new window whilst you continue reading RadioToday or press play below.

0 0 376 20 October, 2006 Industry News 8:40 am 200610 Friday, October 20th, 2006

Looking for something else?


Subscribe to our emails to stay informed about the latest radio news and products delivered straight to your inbox.

Related Posts

No related posts were found
RAJAR Q3 2016 - October 26, 2016 at 11:00 pm (London)
WorldDAB General Assembly 2016 - November 9, 2016 at 10:00 am ()
Student Radio Awards - November 10, 2016 at 6:00 pm (The O₂ 10 Entertainment Avenue, London, SE10 0DY, England)
BBC Gillard Awards - November 10, 2016 at 7:00 pm (Newcastle)
Audio Production Awards - November 23, 2016 at 6:00 pm (BFI Southbank, Belvedere Road, London)
Radio TechCon 2016 - November 28, 2016 at 10:00 am (The Arts Theatre, 6-7 Great Newport St, London WC2H 7JB)
Salon de la Radio - January 29, 2017 at 10:00 am (Paris)
Salon de la Radio - January 30, 2017 at 10:00 am (Paris)
More events