Scottish Media Group (SMG) has sold Virgin Radio to an Indian group led by the Times of India (TIML). The sale price of £53m is less than a quarter of the amount SMG paid for the radio station. A spokesman for the Indian group regards this as an excellent time to enter the UK media market and in particular by purchasing a good brand in the sector. (more…)

Eos, the airline that offered only business class flights has filed for chapter 11 bankruptcy protection. The carrier that operated between London and New York was established on the back of increasing demand for business class travel across the pond. However with increasing operating costs, namely fuel prices, and the impact of the credit crunch it had become increasingly difficult to operate profitably. Taking on Virgin Atlantic and British Airways was never going to be easy and other premium carriers such as Silverjet will hope they do no go the same way.