MUMBAI: The shareholders of SMG have backed the firm’s sale of Virgin Radio to The Times of India Group and Absolute Radio for £53 million by the end of this month.
At the company’s extraordinary general meeting, shareholders backed the disposal, which is due to be completed by 30 June.
Virgin Radio was bought by a consortium including the Times of India Group in May this year.
The Times of India subsidiary company – TIML Golden Square Ltd – will invest an additional £15 million on re-branding Virgin Radio, which includes a new brand identity and name. TOI will also be looking at expanding into social networking, downloads and gaming.
Virgin Radio will be run by a combination of the subsidiary, Times Infotainment Media, and consortium partner UK radio company Absolute Radio, which owns the music station Jack FM in Oxford.
According to SMG, the proceeds from the sale will be used in paying down debts and returning approximately £30 million to shareholders.