What does this mean for http://www.virginradio.co.uk?
Tom Taylor on Radio-Info reported Monday that:
The U.K.’s Virgin Radio sells for just $105 million, to a company from India. Though it won’t carry the “Virgin” name: Sir Richard Branson no longer owns the national commercial radio franchise that he sold it to Scottish Media Group – but he does control the “Virgin” handle, and he’s not allowing SMG to transfer it to the India-based buyer. That’s got some folks in the U.K. thinking Branson may want to start another radio operation, to carry on as “Virgin.” Last year SMG tried to float an IPO for Virgin Radio worth about 100 million pounds (nearly $200 million U.S.). But that sank, and the Scotsman newspaper says the 53.2 million pounds it’s now getting from Bennett Coleman & Co.-backed Absolute Radio is less than the 60-70 million it wanted earlier this year. SMG’s sold off its billboard business and would like to sell its movie theater-advertising business, leaving it focused on TV. While the Indian company Bennett Coleman/Times of India is thrilled, saying this is the country’s first big media purchase outside the Indian subcontinent.
Tom Taylor on Radio-Info reported Monday that:
The U.K.’s Virgin Radio sells for just $105 million, to a company from India. Though it won’t carry the “Virgin” name: Sir Richard Branson no longer owns the national commercial radio franchise that he sold it to Scottish Media Group – but he does control the “Virgin” handle, and he’s not allowing SMG to transfer it to the India-based buyer. That’s got some folks in the U.K. thinking Branson may want to start another radio operation, to carry on as “Virgin.” Last year SMG tried to float an IPO for Virgin Radio worth about 100 million pounds (nearly $200 million U.S.). But that sank, and the Scotsman newspaper says the 53.2 million pounds it’s now getting from Bennett Coleman & Co.-backed Absolute Radio is less than the 60-70 million it wanted earlier this year. SMG’s sold off its billboard business and would like to sell its movie theater-advertising business, leaving it focused on TV. While the Indian company Bennett Coleman/Times of India is thrilled, saying this is the country’s first big media purchase outside the Indian subcontinent.