GLASGOW, Scotland: Embattled Scottish Media Group is to restructure its television business as part of a three year turnaround plan that will concentrate on stripping out non-core assets, growing revenues and focusing on TV content.
It says its floatation plan for one of those non-core assets, Virgin Radio, is on track for the autumn. The business has been valued on a trading basis at around £85 million ($170m; €126m).
SMG, which operates most of Scotland's commercial TV network, also plans to increase its share in the Scottish advertising market, grow sponsorship revenues and increase margins through tighter cost control.
The company has undergone several turbulent months following failed merger negotiations with Northern Ireland TV company Ulster Television [WARC News: 02-Mar-07], which resulted in a management shakeout.
Data sourced from Financial Times online; additional content by WARC staff