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STV Group
STV Group plc (formerly known as Scottish Television plc, Scottish Media Group plc and SMG plc) is a media company based in Glasgow, Scotland. Beginning as a television broadcaster in 1957, the company expanded into newspapers, advertising and radio; after completing a restructuring in 2010, STV Group is active in broadcast television, video-on-demand and television production. The company is a constituent of the FTSE SmallCap Index.
Scottish Television began broadcasting in August 1957. The company changed its name to Scottish Media Group in 1996 when it acquired Caledonian Publishing, owners of Glasgow-based newspapers The Herald and Evening Times (both of which have since been sold). It went on to acquire the ITV licence holder for the North of Scotland, Grampian Television, in June 1997. In August 1997 the company acquired a 15% stake in UTV, Northern Ireland. In 1999 it launched a new Sunday broadsheet newspaper, the Sunday Herald. The company was renamed "SMG plc" in 2000, by which time it had expanded further through the acquisitions of Primesight (outdoor advertising), Pearl & Dean and Ginger Media Group, which included Ginger Television and the original Virgin Radio UK radio station. Talks were also held which could have led to Border Television and Ulster Television being bought, but they came to nothing.
On 24 March 1999, Mirror Group sold its 18.6% stake in SMG to Granada. During the summer, the STV Group held talks about buying out the other shareholders in GMTV, with Disney believed to be keen on the idea; many city observers believed this was a defensive move to fend off a takeover bid from Granada. By September an agreement had been reached to acquire Guardian Media Group's 15% stake in GMTV for £20 million, but both Carlton and Granada objected to the deal. Guardian Media Group eventually sold its stake for £18m in January 2000, but STV Group only acquired 5% with the remaining 10% going to Carlton and Granada, resulting in each of STV Group, Carlton, Granada and Disney holding 25% of GMTV.
In September 1999, the company acquired a 37.4% stake in Heart of Midlothian F.C. for £8 million. A few days later the company unveiled its interim results with its pre-tax profits up 2 per cent to £24 million on a turnover of £111.2 million.
In December 2000, the group acquired a 14.9% stake in Scottish Radio Holdings, in anticipation of a relaxation of radio ownership rules and within four months increased this to 27.7%. By 2004 the company sold their 27.8% stake in Scottish Radio Holdings to EMAP for £90 million in anticipation of consolidation in the radio market.
Flextech owner Telewest sold its 16.9% stake in STV Group to an investment bank for £45 million as part of their plan to raise funds to help clear off debt. Throughout 2003/2004 rumours appeared about the company being broken up, with its ITV interests being sold off in an attempt to wipe out its £380m debt and boost its balance sheet. However, the group instead sold the Herald newspapers and its stake in Scottish Radio Holdings. In late 2003 Northern Ireland's UTV, in partnership with venture capital group 3i and Scottish Radio Holdings, sought to acquire SMG for £400 million, but they withdrew the offer as they felt the share price was too high.
In September 2004, ITV plc purchased STV Group's 25% stake in GMTV for £31 million, after being given the go ahead from the Office of Fair Trading. SMG said "SMG are pulling out of GMTV because it did not want to hold a minority interest in someone else's media business".
Andrew Flanagan unexpectedly resigned as chief executive in July 2006. Although he helped create the company since 1998, his spell in charge will be remembered by many in the television industry as a period which saw a dramatic decline in the amount of programmes made by the company for transmission within Scotland alone.
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STV Group
STV Group plc (formerly known as Scottish Television plc, Scottish Media Group plc and SMG plc) is a media company based in Glasgow, Scotland. Beginning as a television broadcaster in 1957, the company expanded into newspapers, advertising and radio; after completing a restructuring in 2010, STV Group is active in broadcast television, video-on-demand and television production. The company is a constituent of the FTSE SmallCap Index.
Scottish Television began broadcasting in August 1957. The company changed its name to Scottish Media Group in 1996 when it acquired Caledonian Publishing, owners of Glasgow-based newspapers The Herald and Evening Times (both of which have since been sold). It went on to acquire the ITV licence holder for the North of Scotland, Grampian Television, in June 1997. In August 1997 the company acquired a 15% stake in UTV, Northern Ireland. In 1999 it launched a new Sunday broadsheet newspaper, the Sunday Herald. The company was renamed "SMG plc" in 2000, by which time it had expanded further through the acquisitions of Primesight (outdoor advertising), Pearl & Dean and Ginger Media Group, which included Ginger Television and the original Virgin Radio UK radio station. Talks were also held which could have led to Border Television and Ulster Television being bought, but they came to nothing.
On 24 March 1999, Mirror Group sold its 18.6% stake in SMG to Granada. During the summer, the STV Group held talks about buying out the other shareholders in GMTV, with Disney believed to be keen on the idea; many city observers believed this was a defensive move to fend off a takeover bid from Granada. By September an agreement had been reached to acquire Guardian Media Group's 15% stake in GMTV for £20 million, but both Carlton and Granada objected to the deal. Guardian Media Group eventually sold its stake for £18m in January 2000, but STV Group only acquired 5% with the remaining 10% going to Carlton and Granada, resulting in each of STV Group, Carlton, Granada and Disney holding 25% of GMTV.
In September 1999, the company acquired a 37.4% stake in Heart of Midlothian F.C. for £8 million. A few days later the company unveiled its interim results with its pre-tax profits up 2 per cent to £24 million on a turnover of £111.2 million.
In December 2000, the group acquired a 14.9% stake in Scottish Radio Holdings, in anticipation of a relaxation of radio ownership rules and within four months increased this to 27.7%. By 2004 the company sold their 27.8% stake in Scottish Radio Holdings to EMAP for £90 million in anticipation of consolidation in the radio market.
Flextech owner Telewest sold its 16.9% stake in STV Group to an investment bank for £45 million as part of their plan to raise funds to help clear off debt. Throughout 2003/2004 rumours appeared about the company being broken up, with its ITV interests being sold off in an attempt to wipe out its £380m debt and boost its balance sheet. However, the group instead sold the Herald newspapers and its stake in Scottish Radio Holdings. In late 2003 Northern Ireland's UTV, in partnership with venture capital group 3i and Scottish Radio Holdings, sought to acquire SMG for £400 million, but they withdrew the offer as they felt the share price was too high.
In September 2004, ITV plc purchased STV Group's 25% stake in GMTV for £31 million, after being given the go ahead from the Office of Fair Trading. SMG said "SMG are pulling out of GMTV because it did not want to hold a minority interest in someone else's media business".
Andrew Flanagan unexpectedly resigned as chief executive in July 2006. Although he helped create the company since 1998, his spell in charge will be remembered by many in the television industry as a period which saw a dramatic decline in the amount of programmes made by the company for transmission within Scotland alone.
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