Another possible bid for SMG
Former Channel 4 executive Rob Woodward is said to be putting together an offer to buy SMG. It comes just days after UTV confirmed they had made an approach to the Scottish media company about a 50/50 merger.
A source close to the Woodward camp told The Business: ?It is a very interesting situation. It would be a reasonable thing to assume that an offer is being put together.?
The board of the Scottish Media Group will meet early this week to discuss the offer from UTV, but it is understood the suggestion of a 50/50 merger will be rejected on the basis that SMG is valued at 221million pounds, whilst UTV is valued at 175million pounds, effectively transfering 46million from SMG to UTV.
UTV bought The Wireless Group last year, giving them control of national station talkSPORT. A merger with SMG would see the new company owning both talkSPORT and the only other national AM’er Virgin Radio.