UTV confirm merger approach to SMG at 'early stage'

UTV have confirmed that it has approached SMG with a merger proposal.
Following press speculation about the possible merger, a spokesperson for UTV stressed: "Discussions are at an early stage and there can be no certainty that a merger will occur, any merger could proceed by way of a bid by either company for the other or a scheme of arrangement in either company."
Under the terms of this proposal, SMG shareholders would receive a 50% interest in the merged entity rumoured to be worth £400m.
Both firms have major radio interests. Last year UTV bought the Wireless Group which includes TalkSport. UTV also owns 16 independent radio stations including Juice FM in Liverpool and Swansea Sound.
A spokesperson for SMG was not available for comment.
(DS)