SMG to float Virgin Radio
The Scottish Media Group are to list Virgin Radio on the stock market, to enable them to concentrate on its television operations, which include STV in Scotland and production businesses such as Ginger Productions. The proposed flotation of Virgin should make it more attractive to investors and will take place at the end of the summer.
SMG said this morning they believe the proposed floatation will provide both a strong platform for Virgin Radio's future growth and the right strategic focus and balance sheet structure for SMG's TV business.
In the meantime, the current sale process for outdoor advertising arm Primesight has been terminated, because the Board has judged the price achievable, although in the range of market expectations, as too low.
Richard Findlay, Chairman of SMG, said: 'This is the right strategic decision for SMG, increasing our focus on TV whilst reducing debt. Virgin Radio is one of the great brand names in media with an attractive national audience, strong relationships with advertisers and a clear growth strategy. As a quoted company it will have the best management and
capital structure to support its future growth, and will make for an attractive pure radio investment opportunity.'
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