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Virgin Radio switches off
VIRGIN Radio will disappear as a brand name under the terms of a £50-60 million sale negotiated by its owner SMG.
Talks with Absolute Radio, which is backed by Irish investors and Times of Indian owner Bennett Coleman, are close to ending and will see the AM national and FM London licences sold by STV owner SMG.
The sale, expected to be soon, originally envisaged transfer of the Virgin Radio brand.
But Sir Richard Branson's company became reluctant about letting Bennett Coleman have control of the name and invoked a clause in the contract, allowing them to charge for the use of the brand.
SMG wants to concentrate on its main Scottish television businesses.
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Saturday 26 May 2012
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