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| Version 0 | Version 1 |
|---|---|
| Virgin Radio sold to Indian group | Virgin Radio sold to Indian group |
| (40 minutes later) | |
| Scottish media company SMG has reached a deal to sell Virgin Radio - for less than a quarter of the amount it bought the station for. | |
| SMG has sold Virgin to a group led by the Times of India for £53m. | |
| In 2000, it paid £225m for Chris Evans' Ginger Media Group, which included Virgin and a TV production company. | In 2000, it paid £225m for Chris Evans' Ginger Media Group, which included Virgin and a TV production company. |
| SMG plans to use the money to reduce its debts but some of the cash from the sale is expected to be given back to its shareholders. | SMG plans to use the money to reduce its debts but some of the cash from the sale is expected to be given back to its shareholders. |
| The sale also means SMG is now free to concentrate on its TV channel STV, the ITV station in Central and Northern Scotland. | The sale also means SMG is now free to concentrate on its TV channel STV, the ITV station in Central and Northern Scotland. |
| Nobody from SMG was immediately available for comment. | Nobody from SMG was immediately available for comment. |