Times buys UK's Virgin Radio for Rs 448 crore

In the first acquisition of a British media outlet by an Indian company, The Times of India Group has bought Virgin Radio for £53.2 million (Rs. 448.44 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.

TIML, which owns radio stations in India, has 90 days from the completion of the sale to re-brand the acquisition.

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. Industry sources said TIML will not be able to use the Virgin Radio brand because the Virgin group has a JV with another Indian media house.

 

But TIML is likely to retain the option of continuing to use the Virgin Radio name in the UK, for a licence cost of £8 million (Rs 67.43 crore).