Offers received for Virgin Radio
The Initial Public Offering of Virgin Radio is on track for the autumn, according to the latest business review by SMG. Chief Executive Rob Woodward confirms they have had a number of approaches for the radio station but will not comment on where the offers have come from.
The Scottish broadcaster is to sell non-core assets, restructure the TV business, grow revenues and cut down senior management from seven to three.
Primesight and Pearl & Dean remain non-core and will be sold by the end of the year the Board aims to build a TV business focused on being the broadcaster of choice in the community of Scotland.
SMG's 100-day business review today states; "[i]Virgin Radio's IPO will create a strong and focused radio business, with a great brand, that will provide an attractive, pure-play investment opportunity with a strong platform for future growth. A strong Board is currently being formed and announcements will be made shortly[/i]."
Rob Woodward, Chief Executive of SMG, commented:
'We have had a very thorough look at the business and taken some short term remedial actions and reconfigured SMG to deliver sustainable growth. I have set out 12 challenging but achievable Key Performance Indicators in Broadcast, Content and Ventures.
Over the next six months we will focus on the disposal of the non-core assets. This will result in a content focused business that I am confident will be revived and transformed to become Scotland's most influential, relevant, innovative and trusted media brand.'
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