The Scottish Media Group has entered into agreements with senior players at Virgin Radio that include financial incentives designed to make them stay with the company until the end of the year, which is important for SMG just now because they are, of course, in the process of selling the national radio station (either in a private sale or through flotation) and want to convince possible investors that an experienced management team is in place, and won't quit during or immediately after a sale. The move follows rumours that at least one of the Virgin Radio management team was considering following the station's former chief Fru Hazlitt over to rivals GCap. Execs who have reportedly entered into lock in agreements include CEO Paul Jackson, Audience Development Director David Andrews, Sales Director Nick Hewat and Finance Director MJ Olare. Rumour has it the Virgin Group may be considering buying the radio station back although UTV, who attempted an ultimately unsuccessful merger with SMG, may also make a bid.
Jun 6, 2007
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1 min read
Virgin Radio executives sign lock-in agreements ahead of SMG sale
Scottish Media Group has agreed incentive deals with senior Virgin Radio executives to keep them until year end, as it prepares to sell the station.