Virgin Radio Sale Reportedly Postponed
September 17, 2007 at 5:30 AM (PT)
SMG has postponed the sale of VIRGIN RADIO after receiving offers below the £80m target price. U.K.'s THE TELEGRAPH reports that GLOBAL RADIO, chaired by former ITV CEO CHARLES ALLEN and private equity house VITRUVIAN PARTNERS, were among those who submitted indicative offers.
The intention is to resume the sale process once credit markets settle and other deals in the sector conclude. EMAP has put its radio division, which includes MAGIC and KISS, on the block.
The decision comes after the defection of the station's Chief Executive, PAUL JACKSON, to rival CAPOTAL. JACKSON's departure meant parallel plans by SMG to float VIRGIN also had to be postponed.