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'News: Resumed UTV plc Merger Talks With Scottish Media Group plc Amid Flurry Of Share Transactions' by Grant Goddard

'News: Resumed UTV plc Merger Talks With Scottish Media Group plc Amid Flurry Of Share Transactions' by Grant Goddard

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Published by Grant Goddard
News story about the resumption of merger talks between UK media owners UTV plc and Scottish Media Group plc amid an increase in share transactions in both companies, written by Grant Goddard in December 2006 for The Radio Magazine.
News story about the resumption of merger talks between UK media owners UTV plc and Scottish Media Group plc amid an increase in share transactions in both companies, written by Grant Goddard in December 2006 for The Radio Magazine.

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Published by: Grant Goddard on Apr 06, 2013
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11/20/2013

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NEWS: RESUMED UTV PLC MERGER TALKS WITH SCOTTISH MEDIA GROUP PLC AMID FLURRY OF SHARE TRANSACTIONS

by GRANT GODDARD

www.grantgoddard.co.uk December 2006

Press reports that Scottish Media Group plc [SMG] had received a renewed merger offer from UTV plc [formerly Ulster Television] led to a flurry of stock market activity for both companies. Last Thursday saw more than 2m SMG shares traded (compared to an average volume of 708,000) and more than 300,000 UTV shares (average 202,000). UTV is presently capitalised at £197.09m, compared to SMG’s £182.31m, a reversal of the situation a few months ago when SMG was the larger of the two companies and had rejected UTV’s merger offers on two occasions. Richard Menzies-Gow, an analyst at Dresdner Kleinwort Wasserstein, said it was likely that new merger talks had been initiated by SMG. Takeover regulations forbid UTV from approaching SMG until March 2007. He said that SMG has a greater need to make a deal than UTV, which could not afford to bide its time. Meanwhile, SMG has confirmed that 22 jobs in support functions are at risk as a result of the sale of its cinema and billboard advertising businesses. A 30day consultation period with staff has commenced. 'The Financial Times' reported that Virgin Radio CEO Fru Hazlitt is no longer a candidate for the vacant post of chief executive of SMG.

[First published in 'The Radio Magazine' as 'UTV SMG Merger: Third Time Lucky?', #765, 6 December 2006]

Grant Goddard is a media analyst / radio specialist / radio consultant with thirty years of experience in the broadcasting industry, having held senior management and consultancy roles within the commercial media sector in the United Kingdom, Europe and Asia. Details at http://www.grantgoddard.co.uk

News: Resumed UTV plc Merger Talks With Scottish Media Group plc Amid Flurry Of Share Transactions ©2006 Grant Goddard

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