Scottish broadcaster SMG has sold its Virgin Radio rock station to the Times of India Group, one of India's largest media and entertainment firms, for £53.2m.
The Virgin name will disappear from the station, giving its new owner freedom to build online, TV, music and other spin-offs without having to consider branding restrictions imposed by Sir Richard Branson's Virgin Group.
Perhaps more interesting is the significant 'loss' SMG made on the Virgin deal. Remember it paid Chris Evans £225m for the station in 2000 and 8 years later sold in for £53.2m.OUCH!
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