Times Group?s ? 53.2-million acquisition of London- based FM radio channel Virgin Radio, owned by Scottish broadcaster SMG, brings the group and HT Media within handshaking distance of each other. But both groups claimed this weekend?s acquisition would not impact their separate radio business plans.
This is the second time in recent years that the two competing Indian media conglomerates have come so close. The two groups also bring out a daily tabloid?Metro Now? through a 50:50 JV in India.
AP Parigi, managing director & CEO of TIML, the wholly owned subsidiary of Times Group, told FE the Virgin Radio brand name would not be used. ?We are keen on launching our own brand in the UK and have no intention to use Virgin Radio?s brand name. The deal that our group has just concluded has an agreement that clearly specifies that there will be an ownership transfer of 100% of the asset with the exception of the brand from Scottish Media Group.? HT Media-owned FM channel Fever 104 has a tie-up with Virgin Enterprises Ltd, a Richard Branson group that owns the brand, Virgin Radio. S Keerthivasan, business head, 104 FM, the HT Media-owned FM channel, also confirmed to FE that the tie-up with Virgin Radio was going strong. ?The Richard Branson group had sold Virgin Radio to SMG and the TIML acquisition will have no impact on the Fever 104-Virgin Radio tie-up?.
SMG is a media house with its core business in commercial television and has allied business interest in radio, outdoor and cinema advertising.
