SMG Shareholders Give thumbs-up to Virgin Radio Disposal

24 June 2008

LONDON: Shareholders at Scottish Media Group have given the green light to the £53.2 million ($104m; €67m) acquisition of the company's Virgin Radio licences in the UK by Indian-owned firm Absolute Radio.

The latter has not bought the ubiquitous Virgin brand name, but plans to invest £15m in launching its own new radio brand.

Absolute is owned by the Bennett Coleman conglomerate, which has interests in print (The Times of India), TV radio, the web and events.

SMG will now fully focus on its Scottish broadcasting business.

Data sourced from Brand Republic (UK); additional content by WARC staff