SMG is believed to be delaying the floatation of Virgin Radio following the departure of chief executive Paul Jackson to GCap Media.
Richard Huntingford, Virgin’s new chairman, said that an initial public offer could not go ahead without a chief executive.
SMG hopes to raise around £85 million from the initial public offering, to reduce its £170 million debt.
Press reports over the weekend said that the delay could increase the chance of a trade buyer bidding for Virgin, with UTV the most likely bidder.
Last year saw UTV enter into talks with SMG over a possible merger, however the two sides were unable to reach an agreement (see UTV Withdraws SMG Merger Proposal).
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