Virgin Radio [sold by Virgin Group in 1998 to Ginger Media Group, which was itself acquired by Scottish Media Group in March 2000] has excelled under its new ownership, contributing £6 million in operating profit.

Virgin’s ad revenues soared 31% year-on-year in the first four months of ownership by SMG due largely, says group chief executive Andrew Flanagan, to the surge of dotcom advertisers.

Overall, SMG posted pre-tax profits of £30m in the six months to June 30 compared with £24m in the same period the previous year.

News source: Financial Times