SMG To Float Virgin Radio

SMG has said that it will seek a separate stock market listing for Virgin Radio, which it owns, as it looks to focus on its TV business.

In a statement, the SMG board said that the proposed separate listing for Virgin Radio will provide a strong platform for Virgin Radio’s separate growth and the right strategic focus for SMG’s TV business.

Richard Findlay, chairman of SMG, said: “This is the right strategic decision for SMG, increasing our focus on TV whilst reducing debt.

“Virgin Radio is one of the great brand names in media with an attractive national audience, strong relationships with advertisers and a clear growth strategy.

“As a quoted company it will have the best management and capital structure to support its future growth, and will make for an attractive pure radio investment opportunity.”

Earlier today, SMG also announced its final results for 2006, revealing that its pre-tax profits were £10 million, a decline of 50% from 2005, whilst revenues were down 8% on 2005.

SMG: 0141 300 3000 www.smgplc.plc.uk