[HCDX] Virgin Radio Sold To Times of India Publisher For $106 Million

["Zacharias Liangas " <greekdx@xxxxxxxxx>]

Virgin Radio Sold To Times of India Publisher For $106 Million
	
http://www.washingtonpost.com/wp-
dyn/content/article/2008/06/01/AR2008060100695.html

Indian media company Bennett, Coleman & Co, owner of Times of 
India newspaper, has made its biggest international buy: it has bought out 
UK's Virgin Radio for about $106 million. SMG, the Scottish broadcaster, 
owner of Virgin Radio (it bought the company in 2000), sold the national AM 
licence and FM London licence to TIML Golden Square, a subsidiary of 
Bennett Coleman, and Absolute Radio, an Irisg radio investor and 
consultancy, reports FT. This is B&C's first international acquisition and 
its first step towards an ambitious vision of creating a new music 
entertainment brand for the UK, the story says. This deal may also be one of 
the largest ever done by an Indian media company outside of India.

But, the brand name will not be part of the sale, as Richard Branson-owned 
Virgin Group objected to it. Bennett Coleman competes with the Hindustan 
Times group, with which Virgin Group has a joint venture in India. So, TIML 
and Absolute will invest about $30 million in rebranding the station, and will 
use as the multi-format and multiplatform service, with an online music 
subscription service, online video and mobile apps. History of Virgin Radio is 
here.
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The buyers can use the Virgin brand name for 90 days, but will have to give 
it up after that. It will cost them an extra $16 million if they decide to licence 
that brand name within the next two years. Bennett Coleman's media assets 
include The Times of India, the world's largest-circulation English language 
daily newspaper, and channels Times Now and Zoom. It also runs a radio 
business under the Radio Mirchi brand.

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Please read my aricle on SINPO at http://tinyurl.com/yt7qjd
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........
Zacharias Liangas , Thessaloniki Greece 
greekdx @ otenet dot gr  ---  
Pesawat penerima: ICOM R75 , Lowe HF150 , Degen 1102,1103,108,
Tecsun PL200/550, Chibo c300/c979, Yupi 7000 
Antenna: 16m hor, 2x16 m V invert, 1m australian loop 

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