Absolute Deal For U.K.'s Virgin Radio Closer
April 2, 2008 at 5:31 AM (PT)
With the GCAP-GLOBAL deal going forward, the U.K.'s radio industry is turning to the efforts by SMG to sell VIRGIN RADIO, and ABSOLUTE RADIO is now in position to make that acquisition now that it has been selected by the seller as its preferred bidder. ABSOLUTE has reportedly offered 60 million pounds for VIRGIN RADIO in a bid backed by BENNETT, COLEMAN AND CO. of INDIA. SMG had previously narrowed the bidding to ABSOLUTE and UTV.
The deal is subject to approval by Sir RICHARD BRANSON's VIRGIN GROUP, which licenses the VIRGIN name to the station.