Times takeover of Virgin Radio completed

SMG PLC, in an announcement filed with the London Stock Exchange, confirmed the sale of Virgin Radio to TIML Golden Square Ltd (TIML), a wholly owned subsidiary of Times Infotainment Media Limited (part of the Times of India Group).

In a brief statement, the company stated, in a note entitled "Completion of Virgin Radio Disposal," that, "Further to an announcement made on 30 May, SMG PLC today confirms the completion of the sale of Virgin Radio to TIML. As also previously announced the Board intends to return approximately £30 million to shareholders. Details of the proposed return of cash to shareholders will be announced in a circular, which will be sent to shareholders immediately following the announcement of the Group's Interim Results on 28 August, with an EGM expected in mid September."

Campaign India had broken the news of the development in March 2008.

Details of the sale here: http://www.campaignindia.in/news/times_of_india_company_buys_virgin_radio_holdings_ltd

(Pictured: AP Parigi, CEO, TIML)