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SMG confirms buyer interest

Virgin Radio owner SMG have confirmed they have received several approaches for the national AM and London FM licence. The offers come after the Scottish broadcaster announced plans to concentrate on television, saying that Virgin Radio is non-core to its business.

SMG is now exploring its options, and an announcement is expected shortly.

Amongst those rumoured to be in the running are GMG Radio, Global Radio and the private equity firm Vitruvian. Reports over the weekend suggest the highest offer is in the region of £58m – a big difference compared to the £225m SMG paid for the company in March 2000.

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