SMG to sell Virgin Radio
Virgin Radio is up for sale after its Scottish media group owner SMG received several approaches for the business.
Investment bank Jefferies International has been appointed to handle the sale of the national radio station.
The move comes after SMG, whose new management is headed by chief executive Rob Woodward, improved its financial position with a £95m rights issue.
Virgin Radio is valued at £85m on SMG's books, a far cry from the £225m that SMG paid in 2000 when it acquired Virgin from radio and television personality Chris Evans.
SMG says it has received approaches from a number of interested parties. Though it would not comment on their identity they are thought to include Guardian Media Group, private equity firm Vitruvian and Global Radio, which is also trying to acquire rival radio group GCap.
'SMG has stated that Virgin Radio is non-core to its business,' said an SMG spokesman.
'Following a number of expressions of interest, SMG is exploring its options.'
Sir Richard Branson may also be interested in reacquiring the broadcaster he founded in 1993, since it would fit with his ambitions to create an international radio business based on the growth of online radio.
Branson licenses the Virgin name to the broadcaster and has a right of veto over any change of ownership.
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