Virgin Radio sold to Indian group

[Sweetpea]

Scottish media company SMG has reached a deal to sell Virgin Radio - for less than a quarter of the amount it bought the station for.
SMG has sold Virgin to a group led by the Times of India (TIML) for £53.2m.
In 2000, it paid £225m for Chris Evans' Ginger Media Group, which included Virgin and a TV production company.
SMG plans to use the money to reduce its debts but some of the cash from the sale is expected to be given back to its shareholders. The sale means SMG is now free to concentrate on its TV channel STV, the ITV station in Central and Northern Scotland.

http://news.bbc.co.uk/1/hi/scotland/7429193.stm


Odd!

Not really, big money indians have controlling interests in some of the worlds largest companies these days. SMG bought virgin when the advertising revenues reflected its' value at that time.