Asian among four in the race to takeover Virgin Radio
Malaysian Indian Ananda Krishnan, one of richest men in Asia, is among the four contenders in the race to acquire Virgin Radio, media reported.
By PTI |
LONDON: Malaysian Indian Ananda Krishnan, one of richest men in Asia, is among the four contenders in the race to acquire Virgin Radio, media reported today.
Krishnan, thought to be the third wealthiest man in South East Asia, tabled a bid for Virgin Radio through Astro All Asia Networks, Malaysia's largest media company, The Sunday Telegraph said.
According to US publisher Forbes, Krishnan has a self-made fortune worth 6 billion dollars.
A Harvard Business School graduate and former oil trader, Krishnan owns a slew of media and leisure holdings that includes Maxis, one of Southeast Asia's leading telecoms groups, as well as racetrack betting and lottery operations.
Astro, the biggest TV service provider in Malaysia, broadcasts over 100 TV channels across Malaysia and Brunei.
In all four companies have lodged offers worth between 60 million and 70 million pounds for Virgin Radio, which is valued at 85 million pounds on the books of its owner, the Scottish media company SMG.
In the battle for control of Virgin, Astro is pitting aginst global Radio, the media group chaired by former ITV chief executive Charles Allen, which owns London's Heart FM radio station. Global has also made a 313 million pounds bid for GCap Media.
Others in the field are Absolute Radio, a small UK player backed by Irish property investors, and UTV, which owns the Ulster ITV franchise and TalkSport radio station.
SMG had been under pressure to sell Virgin but completed a major refinancing through a 95 million pounds rights issue in December and maintains it is not a distressed seller. The company, which paid 225 million pounds for Virgin in 2000, has been offloading assets to pay down its debts.
No comments were forthcoming from Virgin Radio.
Krishnan, thought to be the third wealthiest man in South East Asia, tabled a bid for Virgin Radio through Astro All Asia Networks, Malaysia's largest media company, The Sunday Telegraph said.
According to US publisher Forbes, Krishnan has a self-made fortune worth 6 billion dollars.
A Harvard Business School graduate and former oil trader, Krishnan owns a slew of media and leisure holdings that includes Maxis, one of Southeast Asia's leading telecoms groups, as well as racetrack betting and lottery operations.
Astro, the biggest TV service provider in Malaysia, broadcasts over 100 TV channels across Malaysia and Brunei.
In all four companies have lodged offers worth between 60 million and 70 million pounds for Virgin Radio, which is valued at 85 million pounds on the books of its owner, the Scottish media company SMG.
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In the battle for control of Virgin, Astro is pitting aginst global Radio, the media group chaired by former ITV chief executive Charles Allen, which owns London's Heart FM radio station. Global has also made a 313 million pounds bid for GCap Media.
Others in the field are Absolute Radio, a small UK player backed by Irish property investors, and UTV, which owns the Ulster ITV franchise and TalkSport radio station.
SMG had been under pressure to sell Virgin but completed a major refinancing through a 95 million pounds rights issue in December and maintains it is not a distressed seller. The company, which paid 225 million pounds for Virgin in 2000, has been offloading assets to pay down its debts.
No comments were forthcoming from Virgin Radio.
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