Scottish Media Group PLC
16 November 1999
Scottish Media Group Announces Sale of Airport Advertising Business
Scottish Media Group plc ('SMG') announces today (16 November 1999) that it
has sold the entire issued share capital of Primesight International Ltd, the
international airport advertising services business which the Group acquired
earlier this year as part of its acquisition of Primesight plc, a leading
player in the UK outdoor advertising sector.
Primesight International, which sells display advertising space at airports
worldwide on an agency basis, has been purchased by PSI Advertising Limited, a
company established by members of the business' existing management team. The
purchase consideration is £2.0m and is being settled in cash.
Commenting on the sale, Gary Hughes, Group Finance Director of SMG, said:
'Primesight's international airport division was acquired alongside the core
UK roadside advertising operation, but is an agency-based business which is
not a natural fit with our other media activities. Its sale, at a good price,
provides us with a more focused position as a media owner in the outdoor
marketplace.'
16 November, 1999
Further enquiries:
Scottish Media Group plc
Gary Hughes, Group Finance Director 0141 300 3300
Callum Spreng, Corporate Affairs Director 0141 300 3300
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