GMG out of Virgin Radio race
The closing date for the first round of bids for Virgin Radio is upon us, and GMG Radio has indicated that it is not going to bid for the national station while others have said it was difficult to raise finance. Owners SMG were expecting to bring in around 70 million pounds from the sale.
SMG has been trying to sell the station since the middle of last year, and two take-over attempts for the company UTV gives a strong indication they may emerge as the successful bidder and new owners of Virgin Radio.
Also thought to be in the running for the station is Global Radio, Absolute Radio and former Chrysalis Radio boss Phil Riley.