Virgin Radio sale postponed
SMG has postponed the sale of Virgin Radio because of a lack of high offers. The national radio station has a current price tag of around £105 million, dramatically lower than the amount it changed hands for in 2000 when Chris Evans sold it to SMG for £225 million in a deal which included his company Ginger Media.
With SMG wanting to concentrate on their core business of running the Scottish ITV franchise, the sale will still go ahead, but not until the markets settle and other deals in the sector conclude, the Telegraph reports today.
It is thought Global Radio, chaired by former ITV boss Charles Allen, was just one of many companies who made an offer below the £80 million mark.
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