Virgin Radio/U.K. Sale Announced
June 2, 2008 at 5:24 AM (PT)
The long-discussed sale of national U.K. Rock station VIRGIN RADIO by SMG has finally been formally announced, with the BENNETT COLEMAN's TIML GOLDEN SQUARE LTD. paying 53.2 million pounds for the station, which airs on FM in LONDON and AM nationally. The deal does not include rights to the VIRGIN RADIO name, which Sir RICHARD BRANSON's VIRGIN GROUP has been licensing to SMG.
TIML is affiliated with the TIMES OF INDIA newspaper and is working with ABSOLUTE RADIO, the U.K. radio group, on the VIRGIN venture. SMG bought the station from CHRIS EVANS' GINGER MEDIA GROUP for 225 million pounds in 2000.