Menu
11/12/2006
UTV in merger talks with SMG
UTV have confirmed that they are back in talks with Scottish Media Group (SMG) over a potential merger.
In August SMG, the sixth largest programme producer in the UK, rejected an approach from UTV that would have given SMG shareholders a 52% stake in the combined company. Reports circulating at the time suggested that the owner of Virgin Radio had a higher market capitalisation that UTV, which would have seen shareholders lose out.
UTV was not allowed to enter formal discussions for six months following its last approach, unless it was invited to do so by the SMG board.
City rules stipulate that UTV was barred from proposing a deal until March.
In a statement SMG said it had been approached by UTV regarding a "possible nil premium merger of SMG and UTV, based on relative market values."
UTV said in a statement: "UTV confirms that it has made a further approach to SMG plc on 23 November regarding a merger proposal, for which it is seeking a recommendation from the Board of SMG. As a result SMG has agreed to enter into discussions with UTV, which may or not lead to a merger.
"UTV notes there can be no certainity that an offer will be made nor as to the terms on which any offer might be made. UTV will keep its shareholders updated as to developments."
SMG has suspended its search for a Chief Executive while merger discussions ensue.
SMG said also said that it was making "good progress" on the disposals of its advertising businesses Primesight and Pearl & Dean.
According to reports a deal between SMG and UTV, the owner of the ITV franchise in Northern Ireland and TalkSport radio, would create a £400m Celtic media powerhouse.
UTV Chief executive John McCann is being seen by industry insiders, as being the most likely candidate to lead a combined group.
Since SMG issues a profit warning in October, its market capitalisation has fallen below that of UTV. Latest reports suggest that SMG is worth around £180m, while UTV is capitalised at about £210m.
SMG Television incorporates STV, SMG Productions, Ginger Productions and SMG solutions.
UTV operates 24 stations including TalkSport.
(DS/KMcA)
In August SMG, the sixth largest programme producer in the UK, rejected an approach from UTV that would have given SMG shareholders a 52% stake in the combined company. Reports circulating at the time suggested that the owner of Virgin Radio had a higher market capitalisation that UTV, which would have seen shareholders lose out.
UTV was not allowed to enter formal discussions for six months following its last approach, unless it was invited to do so by the SMG board.
City rules stipulate that UTV was barred from proposing a deal until March.
In a statement SMG said it had been approached by UTV regarding a "possible nil premium merger of SMG and UTV, based on relative market values."
UTV said in a statement: "UTV confirms that it has made a further approach to SMG plc on 23 November regarding a merger proposal, for which it is seeking a recommendation from the Board of SMG. As a result SMG has agreed to enter into discussions with UTV, which may or not lead to a merger.
"UTV notes there can be no certainity that an offer will be made nor as to the terms on which any offer might be made. UTV will keep its shareholders updated as to developments."
SMG has suspended its search for a Chief Executive while merger discussions ensue.
SMG said also said that it was making "good progress" on the disposals of its advertising businesses Primesight and Pearl & Dean.
According to reports a deal between SMG and UTV, the owner of the ITV franchise in Northern Ireland and TalkSport radio, would create a £400m Celtic media powerhouse.
UTV Chief executive John McCann is being seen by industry insiders, as being the most likely candidate to lead a combined group.
Since SMG issues a profit warning in October, its market capitalisation has fallen below that of UTV. Latest reports suggest that SMG is worth around £180m, while UTV is capitalised at about £210m.
SMG Television incorporates STV, SMG Productions, Ginger Productions and SMG solutions.
UTV operates 24 stations including TalkSport.
(DS/KMcA)
Related UK National News Stories
Click here for the latest headlines.
18 August 2006
UTV confirm merger approach to SMG at 'early stage'
UTV have confirmed that it has approached SMG with a merger proposal.
UTV confirm merger approach to SMG at 'early stage'
UTV have confirmed that it has approached SMG with a merger proposal.
13 May 2004
SMG settles differences with ITV over digital rights
Following the recent sale of the Scottish Media Group's (SMG) 25% GMTV stake to ITV plc, the two companies have reached an agreement on the use of the ITV brand name and the use by ITV plc of SMG's digital spectrum in Scotland.
SMG settles differences with ITV over digital rights
Following the recent sale of the Scottish Media Group's (SMG) 25% GMTV stake to ITV plc, the two companies have reached an agreement on the use of the ITV brand name and the use by ITV plc of SMG's digital spectrum in Scotland.
21 November 2006
ITV rejects merger approach by NTL
The Board of ITV has rejected a merger proposal from NTL as one with "little strategic logic." In a statement, the Board said it believed that "whereas there is obvious appeal to NTL in gaining control of ITV's substantial and successful business, from ITV's perspective there is little, if any, strategic logic for ITV to combine with NTL.
ITV rejects merger approach by NTL
The Board of ITV has rejected a merger proposal from NTL as one with "little strategic logic." In a statement, the Board said it believed that "whereas there is obvious appeal to NTL in gaining control of ITV's substantial and successful business, from ITV's perspective there is little, if any, strategic logic for ITV to combine with NTL.
11 June 2009
Ticketmaster Merger Referred To Watchdog
The merger between Ticketmaster and concert promoter Live Nation has been referred to the Competition Commission (CC). The Office of Fair Trading (OFT) has referred the proposed tie-up after finding the merger could lessen competition and deny live music-goers the prospect of lower prices.
Ticketmaster Merger Referred To Watchdog
The merger between Ticketmaster and concert promoter Live Nation has been referred to the Competition Commission (CC). The Office of Fair Trading (OFT) has referred the proposed tie-up after finding the merger could lessen competition and deny live music-goers the prospect of lower prices.
-
Northern Ireland WeatherThis Evening and Tonight:A fine end to the day with some evening sunshine. It remains mainly dry overnight with a touch of frost or fog patches possible in places. However, cloud is expected to increase towards dawn with the odd light shower. Minimum temperature 2 °C.
