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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