Scotland-based media company SMG Plc said today that it was building a stake in rival Scottish Radio Holdings Plc but "has no current intention of making an offer for the whole of SRH".
"SMG confirms that prior to today's market opening it acquired a 2.9% stake in SRH. SMG's broker is currently acquiring further shares in the market," SMG said in a statement.
Scottish Radio Holdings owns Ireland on Sunday and has a 22% stake in Today FM. The media group also owns Kilkenny People Holdings - which includes the Kilkenny People, the Tipperary Star and the Nationalist & Munster Advertiser.
