Saturday, May 31, 2008

Virgin Radio now brought to you by... the Times of India

You might not have expected that one, eh? SMG have flogged off Virgin Radio to The Times Of India Group. We think this is the first major UK media asset to be picked up by an Indian media organisation - although we're happy to be corrected on that one.

The real interest is in the amount that SMG are pocketing from the deal: £53.2 million. It paid £225 million when it bought it back in 2000. Which suggests that the station has been losing about twenty million quids' worth of value every year. Lets hope the new owners have some ideas, otherwise they've got about three years before all Virgin will be good for is swapping for two Kenny Dalglish stickers.


1 comment:

Robin Carmody said...

Whatever Virgin does, being only on medium wave outside London at a time when DAB is hardly enjoying the expected success will always be a severe problem.

Still, this is obviously - in its way - a symbolic moment in the latest stage of Britain's post-imperial history.

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