SMG increases SRH stake

SMG raised its stake in Scottish Radio Holdings by 1.9% yesterday, increasing its stake to 24.9% and taking it over the cross-media ownership threshold as the rules currently stand.

The move increases the chance that SMG will take over SRH when media ownership laws are liberalised as a result of the forthcoming Communications Bill. The move by SMG was described by chief executive Andrew Flanagan as a "positioning move ahead of legislative change".

Mr Flanagan quashed speculation that SMG would be prepared to sell its ITV franchises to facilitate a deal.

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