Reports in the weekend press suggest that SMG is considering selling its television arm, which includes both Scottish TV and Grampian TV.
According to the
Independent on Sunday, SMG is looking to reduce substantial debts and sees the television interests as valuable assets which could raise over £400 million.
Carlton Communications has already been linked with a bid for the Scottish licences which account for 6% of ITV’s advertising revenues. Granada and Bertelsmann could also be in the running for a takeover north of the border.
SMG’s chairman, Don Cruickshank, told the recent AGM that advertising income would be up 4% in the second quarter of 2002 (see SMG’s Ad Revenue Shows 4% Growth In Q2). Nonetheless, the company remains some £390 million in debt.
