SMG, the Scottish media group, said this morning that it would list Virgin Radio by way of an initial public offering and would focus on television as its core business as part of its strategic turnaround.
The news came as the group reported a halving in full-year pretax profit. The group posted full-year adjusted pretax profit for the year of £10m, down from £20m in 2005.
Last year, SMG received approaches from UTV about a possible merger of the two broadcasters. UTV recently withdrew from talks due to a number of concerns, including SMG's pension deficit.
The announcement from SMG was the first under the group's new management, which was introduced in February.
