The Times Group has acquired Virgin Radio Holdings Ltd and its subsidiaries in the UK from SMG Plc for £53.2 million. This is the first acquisition overseas in media field by Times Group.

Richard Branson of the Virgin Group said , “This decision was arrived at collectively only after we all carefully considered the various options. I wish TIML all the best with their new radio brand,”.

Rob Woodward, chief executive of SMG Plc said, “I believe that £53.2 million represents a sound price for Virgin Radio and a good deal for SMG shareholders. I would like to wish the management team and all the employees of Virgin Radio the best of luck for the future and I am sure the business will continue to prosper under TIML’s ownership,”.

SMG, the Scottish broadcaster, sold the national AM licence and FM London licence to TIML Golden Square, a subsidiary of Bennett Coleman, the Indian publisher, and Absolute Radio, a radio investor and consultancy backed by Irish property money.

TIML and Irish company Absolute Radio will invest £15m in rebranding the station. The acquisition acts like a key to make an entry point into the vibrant British radio market.

Categories: Acquisitions & Mergers
Tags: acquisition, car, company, india, Indian, market, Scottish, share, Times Group, TIML, Virgin, virgin radio