SMG to rebrand as STV Group
- Published: 24 June 2008 09:56
- Author: Rob Shepherd
- More by this Author
- Last Updated: 24 June 2008 12:54
- Reader Responses
SMG today announced plans to rename itself STV Group, the name of its broadcasting arm.
In a statement to the stock exchange this morning, SMG said the proposed name change follows the disposal of Primesight and the completion of the sale of Virgin Radio, scheduled for 30 June 2008.
It said that as television was now at the core of the business, "it is considered appropriate that the corporate name will be aligned with the primary business activity".
STV is the broadcasting arm of the business and holds the ITV licences for central and north Scotland.
Meanwhile, SMG said its trading was in line with its May update and it remained confident of meeting its 2008 expectations.
Furthermore, it expects to gain a cash benefit of £10m between 2008 to 2011 as a result of its tax planning measures.
Shares in SMG are currently trading at 13.25p, down 1.85% on yesterday's close.
