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SMG and Ulster TV talks shelved | SMG and Ulster TV talks shelved |
(about 1 hour later) | |
SMG, which owns Scottish Television, has broken off merger talks with UTV and appointed a new chief executive. | SMG, which owns Scottish Television, has broken off merger talks with UTV and appointed a new chief executive. |
Negotiations wavered because of differences over the level of SMG's pension liabilities, according to SMG. | Negotiations wavered because of differences over the level of SMG's pension liabilities, according to SMG. |
The Glasgow-based group named Rob Woodward, who was commercial director of Channel 4, as its chief executive. | |
A deal would have created a media group worth about £400m after Ulster TV, which operates TalkSport, opened talks with SMG last year. | |
Richard Findlay, the former boss of Scottish Radio Holdings, is to be the SMG chairman instead of Chris Masters. | |
Five other SMG board directors - David Dunn, Steve Maine, Martyn Smith, MT Rainey and Tim Gardam - have resigned with immediate effect. | Five other SMG board directors - David Dunn, Steve Maine, Martyn Smith, MT Rainey and Tim Gardam - have resigned with immediate effect. |
This business displays some unique assets, along with a wealth of creative talent Rob WoodwardChief executive of SMG plc | This business displays some unique assets, along with a wealth of creative talent Rob WoodwardChief executive of SMG plc |
A statement from SMG said that the new board structure had received overwhelming support from leading institutional shareholders. | A statement from SMG said that the new board structure had received overwhelming support from leading institutional shareholders. |
Richard Findlay, chairman of SMG plc, said: "I am delighted to have been appointed to take the company into a new period of transition and development. | Richard Findlay, chairman of SMG plc, said: "I am delighted to have been appointed to take the company into a new period of transition and development. |
"I will be working closely with our new team, led by Rob Woodward, to implement a strategy to deliver value to our shareholders." | "I will be working closely with our new team, led by Rob Woodward, to implement a strategy to deliver value to our shareholders." |
Rob Woodward, chief executive of SMG, said: "I've observed the business closely for some time and am delighted to have the opportunity to revive its fortunes. | Rob Woodward, chief executive of SMG, said: "I've observed the business closely for some time and am delighted to have the opportunity to revive its fortunes. |
"This business displays some unique assets, along with a wealth of creative talent. I very much look forward to unlocking its future potential, serving its audiences and participating fully in the digital world." | "This business displays some unique assets, along with a wealth of creative talent. I very much look forward to unlocking its future potential, serving its audiences and participating fully in the digital world." |
Investor Hanover Investors Management holds a 12.6% stake in SMG. | Investor Hanover Investors Management holds a 12.6% stake in SMG. |
Matthew Peacock, principal of Hanover Investors, said that he believed that the business had been fundamentally undervalued and had a promising independent future under the right leadership. | Matthew Peacock, principal of Hanover Investors, said that he believed that the business had been fundamentally undervalued and had a promising independent future under the right leadership. |
He added: "I would like to thank Chris Masters and his colleagues for their co-operation during our recent discussions and wish them every future success." | He added: "I would like to thank Chris Masters and his colleagues for their co-operation during our recent discussions and wish them every future success." |
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