DealTracker – Times Acquires Virgin Radio For Rs 448 Crore
Launched in 1993 and owned by Scottish broadcaster SMG, Virgin Radio has been bought by TIML Golden Square, a wholly owned subsidiary of The Times of India Group. The new owner has announced plans to spend £15 million (Rs 126.44 crore) on re-branding away from the Virgin name, also because TIML has 90 days from the completion of the sale to re-brand the acquisition, failing which, it would cost them licence fee of £8 million (Rs 67.43 crore)
The deal valued at £53.2 million (Rs. 448.44 crore), is the first acquisition of a British media outlet by an Indian company.
The new station will be managed by Absolute Radio, owners of JACK FM and FM107.9 in Oxford, and a team comprising media and entertainment specialists from TIML. [Via]
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Filed under: Deal Tracker, Media
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