A spokesperson at Virgin Radio confirmed to MediaTel today that TV-am is to sell its stake in the new INR station, due to go on the air on April 30. As a result TV-am’s chairman, Bruce Gyngell will step down as chairman of Virgin 1215, with plans to replace him with Robert Devereux, currently chairman of Virgin Communications Ltd.
TV-am’s stake will be split between Virgin Communications and a venture capital firm, Apax Partners with each acquiring 25% of the shares.
Elly Smith: 071 434 1215
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