Scotland-based SMG has received a new approach from UTV about a possible merger of the two broadcasters.
'As a result SMG has entered into discussions with the UTV board which may or may not lead to a merger,' SMG said in a statement, adding it had suspended its search for a new chief executive.
In August SMG rejected an approach from UTV that would have given SMG shareholders a 52% stake in the combined company. UTV said in September it had ended merger talks with SMG due to weak advertising markets.
UTV said in a separate statement it had approached SMG on November 23 and that there was no certainty that an offer would be made.
SMG, owner of Virgin Radio, said good progress was being made on the disposals of Primesight and cinema advertiser Pearl & Dean and discussions with its lenders were proceeding well, as were talks with its pensions trustees regarding future funding. SMG chief executive Andrew Flanagan abruptly resigned in July, having come under fire from investors unhappy with the company's performance.
