Times of India buys UK’s Virgin Radio
LONDON - Bennett Coleman & Co (BCCL), India's largest media group and the holding company of the Times of India group, has bought the UK's Virgin Radio in a £53.2 million (US$105 million) deal with SMG, marking the first global takeover by an Indian media group.
The deal gives BCCL’s wholly-owned subsidiary, TIML Golden Square, control of Virgin Radio’s assets in the UK.
However, the group can only use the Virgin Radio brand name for 90 days after the sale is completed, after which point it will revert to Sir Richard Branson’s Virgin Group.
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TIML will obtain the AM national licence and FM London licence, and will manage the station in conjunction with Absolute Radio.
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