SMG and UTV in merger talks
Virgin Radio owners SMG have announced this morning they have received a merger proposal from UTV. It follows months of speculation about a UTV take-over bid for SMG.
The statement comes after The Times newspaper reports that UTV?s adviser, Numis Securities, has held discussions with Citigroup, the bank that advises SMG, and suggested the possibility of a merger of equals between the two Celtic broadcasters.
The deal would see the newly merged group owning both national AM stations talkSPORT and Virgin Radio, along with over 20 local stations in the UK and Ireland.
The Scottish Media Group also say that a further announcement will be made in due course.