A report in yesterday’s Sunday Business which suggested that SMG was soon to be broken up in order to satisfy creditors has been dismissed as ‘complete nonsense’ by SMG.
The report claimed that SMG was in breach of the loan agreement made with its bankers and would soon be forced to ‘radically restructure’, separating its businesses into two parts; broadcasting and publishing. Virgin Radio was to be sold, claimed the Sunday Business and Granada – an SMG shareholder, was to buy its Grampian and Scottish television franchises.
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