Virgin Radio owners Scottish Media Group have confirmed the sale of Virgin Radio to a consortium including The Times of India Group for £53 million by the end of June.
The station will be renamed, in order to ensure there are no branding restrictions imposed by Sir Richard Branson which could affect the new owners freedom to build online, TV, music and other spin-offs, according to reports in the trade press.
The new brand will be announced in the autumn by The Times of India, who intend to invest £15 million.
Proceeds from the sale will go towards paying debts and returning approximately £30 million to shareholders.
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