There have been reports this week that Absolute Radio is now the preferred bidder for Virgin Radio, which current owners SMG have been looking to sell for a while now. That said, SMG then said this week that they were no longer in such a hurry to flog off the national rock station after the successful sale of its billboard advertising business Primesight last year for £95.1 million helped reduce the company's debt load in the last financial year to £47 million. Discussing his company's latest financials, SMG CEO Rob Woodward wouldn't comment on the rumours that a deal with Absolute regarding Virgin Radio was now in the pipeline, telling reporters: "We are involved in a process that has been highly speculated about. When we are ready to do so we will make a formal announcement. We are not in a position where we need to sell. We will only sell if we think we can deliver to our shareholders".
Apr 4, 2008
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1 min read
Absolute Radio may buy Virgin Radio from SMG
Absolute Radio is reportedly the preferred bidder for Virgin Radio, though SMG CEO Rob Woodward declined to confirm and said the company is no longer in a hurry to sell.