SMG's shareholders have backed the sale of Virgin Radio to that consortium led by the Times Of India Group. As previously reported, the national station will be operated by Absolute Radio on behalf of the consortium, and will have to change its name because Richard Branson's Virgin Group has a stake in a rival Indian media firm, so would not approve a transfer of the licence to use the Virgin name to the new owners. An EGM of SMG's shareholders was held last week and overwhelmingly backed the sale of the radio station, which has been on the Scottish media firm's list of things to sell for sometime (there had been talk of floating it on the London Stock Exchange).
Jun 23, 2008
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1 min read
SMG shareholders approve Virgin Radio sale
SMG shareholders have backed the sale of Virgin Radio to a consortium led by the Times Of India Group, which will operate it as Absolute Radio.