Bennett Coleman & Co Ltd, India's largest media group and the holding company of the Times of India group, has bought Virgin Radio in the UK in a £53.2 million (Rs 445cr approx) deal with SMG Plc. The deal will give upshot to Times Group which is already a major private FM radio broadcaster in India with brand name Radio Mirchi. Virgin Radio is one of UK’s biggest broadcasters and it has an FM license for London as well as a national AM license.

 

Initially for 90 days TIML can use the Virgin Radio brand name but subsequently after 90 days it will have to rebrand the radio network. A P Parigi, TIML CEO talking about the deal said that TIML is part of the largest media and entertainment organization in India with a proven track record of building powerhouse brands. Now is a great period to be entering the UK market and the opportunity to acquire a valuable radio asset couldn’t have come at a better time.

 

Further he added that he is pleased about working with great team of UK based radio experts. He is of opinion that by harnessing local creative brand building talent and the skills of the award-winning Golden Square team, business will reach to next level vis-à-vis- expansion of diversity, number of consumers, revenue generation. The deal has yet to get approval by SMG shareholders before it is formally completed. Parties are hopeful that they would be able to finalize everything by June end.