SMG unveils debt-cutting plan

Debt-laden broadcasting group SMG turned to investors today in a bid to help it avoid a cut-price sell-off of its Virgin Radio station business.

SMG, which operates STV in Scotland and production businesses such as Ginger Productions, said a £95.1m (€137m) rights issue would reduce its debt burden to around £40m (€57m) and lower the company’s interest charges.