SMG to offload Primesight

Media group SMG today announced plans to sell its billboard advertising business Primesight for up to £62m.

Private equity firm GMT Communications is buying the firm under the deal, which is subject to approval by SMG shareholders.

The proposed sale follows a review of the business by new chief executive Rob Woodward.

SMG, which operates STV in Scotland and production businesses such as Ginger Productions, also plans to press ahead with the disposal of cinema advertising group Pearl & Dean and a floatation of Virgin Radio as the company looks to focus on its television businesses.