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Times Group acquires UK's Virgin Radio for $105 Mn
By siliconindia
Bangalore: The Times of India group (Bennett, Coleman & Co), which runs India's largest selling English daily gulps Virgin Radio from Scottish media company SMG for $105.2 million (Rs 448 crore). This is probably the largest overseas acquisition by an Indian media group.
Virgin Radio is one of UK's biggest broadcasters with an estimated 2.7 million regular listenersThe acquisition, done by BCCL's wholly owned subsidiary, TIML Golden Square, will give the Indian group control over Virgin Radio's assets in the UK, valued at gross Rs 570 crore and Rs 525 crore as of December 31, 2007, the Times of India reported.
Under the deal, after 90 days of the deal TIML will rebrand the radio network. Howecer if they use the Virgin radio's brand, it will cost TIML an extra - 8 million for the next two years.
TIML CEO A P Parigi said, "Now is a great period to be entering the UK market and the opportunity to acquire a valuable radio asset couldn?t have come at a better time."
Times will be working with UK-based radio experts, Absolute Radio, for developing the content and managing the service offerings. The deal is yet to be approved by SMG shareholders before it is formally completed and the two sides are expecting formalities to be completed by June-end.
