After failing to raise enough interest to warrant an IPO for Virgin Radio last year, SMG had announced that it would be focusing on its core medium TV, effectively putting the station on the market.
UK radio stations have been struggling to keep pace with changing consumer habits pitting the medium against the interactive experience offered by online access to music.
While SMG is believed to be using the proceeds from the sale to pay off debts, TIML has announced its long-term commitment to a “radio renaissance”, while indicating that this will include a stronger link with online than has previously been the case.
Due to conflicts of interest, TIML did not buy the rights to the Virgin name, which will lapse after 90 days.
India media group buys Virgin Radio
LONDON - The publishers of Times of India have bucked radio-market ennui by buying the UK's Virgin Radio for just over US$105 million from Scottish Media Group SMG, with a long-term aim of aligning radio and internet more closely.
