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Join Date: May 2008
Times of India Group buys Britain's Virgin Radio
Times of India Group buys Britain's Virgin Radio LONDON (AFP) — British media company SMG said on Monday it had sold its Virgin Radio unit to a division of the Times of India Group for 53.2 million pounds (67.1 million euros, 104.4 million dollars).
The division, TIML Golden Square, did not buy the Virgin brand name and will instead operate the radio stations through British-based Absolute Radio, TIML chief executive A.P. Parigi said in a statement.
The Times of India Group is owned by Bennett, Coleman and Co, the largest media group in India.
The sale is part of Scottish group SMG's move to fund more television output, expand its Internet offerings and work more closely with ITV, Britain's biggest commercial broadcaster.
SMG boss Rob Woodward said: "The disposal of Virgin Radio is consistent with our overall strategy."
The deal represents a heavy loss for SMG on the 225 million pounds it paid for Virgin Radio in 2000. It attempted a flotation of the radio business last year before its plans were derailed by the credit crunch and it opted for a sale.
Virgin Radio has approximately 2.7 million regular listeners across its analog and digital platforms. Source