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SMG terminates merger talks

Merger talks between UTV and SMG have been terminated. One of the reasons for the breakdown in discussions has been reported as a result of differing views over the level of SMG's pension liabilities. At the same time, Richard Findlay has been appointed as the new Chairman of SMG.

Also, former Channel 4 commercial director Rob Woodward has also been appointed as chief executive. Woodward was Commercial Director of Channel 4 and on the main board. He was CEO of 4Ventures and achieved a dramatic turnaround of legacy businesses, and built a set of successful new media and digital businesses.

SMG's new non-executive team appointed today will comprise of Richard Findlay as Non-executive Chairman, David Shearer as Senior Independent Director, Matthew Peacock as Non-executive Director and Vasa Babic as Non-executive Director.

Separately, SMG reports that the processes continue for the disposals of Primesight and Pearl & Dean.

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