Virgin Radio rejects UTV merger offers

Virgin Radio owner SMG said today that it had rejected two merger proposals from rival Ulster Television but invited the talkSport owner to come back with a better offer.

SMG said the two proposals were “unacceptable” as the first only gave its shareholders a 50% stake in the new company and the second a slightly better 52% stake – even though SMG has a market value nearly £60m (€88.9m) higher than UTV.