SMG dumps Pearl and Dean
The Scottish Media Group have today announced the sale of the Group's cinema and outdoor advertising businesses, Pearl & Dean and Primesight. The move could be seen as SMG gearing themselves towards a merger with UTV, who would most likely sell non-radio or TV related products aquired through a merger or takeover.
The sale process has been initiated and Hawkpoint Partners Limited has been appointed to act for SMG in connection with these transactions.
SMG's cinema advertising business, Pearl & Dean, generates 25% of cinema advertising revenues in the UK and Ireland, while outdoor advertising division Primesight owns 13,500 advertising panels across the UK.
"SMG's future strategy is firmly based on strong television, radio and online brands, exciting content and close connection with our audiences," Chris Masters, the SMG chairman, said in a statement.
"Having reviewed the group's businesses, the board believes that, while Pearl & Dean and Primesight are excellent advertising businesses, they are no longer core to the group."