Virgin Radio owners Scottish Media Group have confirmed the sale of the national AM station. At an EGM earlier this morning, it was agreed that the sale will be completed by June 30.
The Times of India media group offered £53m to SMG at the beginning of June, which was accepted by the company. The station will be managed by UK based radio group Absolute Radio.
Virgin Radio was bought in 2000 for £225m by Scottish Media Group.