SMG changes name to stv Group

Scottish broadcaster SMG has announced it is changing its name to stv Group following the sale of Virgin Radio.

The company, which holds Scotland's Channel 3 licences, said the move "fits with the company's strategy to focus on the broadcasting business".

Chief executive Rob Woodward, giving a trading update today, said: "Our core TV business is outperforming and I am confident that the strategy we are executing in regional advertising, content and digital media will deliver significant growth.

"The new name we propose, stv Group, reflects the company's focus and uniqueness in the Scottish media market."

The company plans to relaunch its website stv.tv later in the summer, introducing simulcast, catch-up and archive video, and develop its production business.

SMG agreed the sale of Virgin Radio to The Times of India Group for £53.2m at the end of last month, and last year sold outdoor advertising business Primesight.