SMG on the move

Scottish Media Group has confirmed it will move into new purpose-built studios at the Pacific Quay development on the River Clyde in Glasgow on a 20-year lease.

SMG, which owns the Scottish and Grampian TV franchises, will invest £20m in a 60,000 sq ft complex, which should be fully operational by autumn 2006.

It will be close to BBC Scotland’s new £130m Scottish headquarters, which is scheduled to open in mid2007.

News of the deal came after the group sold its 25 per cent stake in GMTV for £31m to the new, enlarged ITV created by the merger of Carlton and Granada.

An SMG spokesman said: “The timing of this is entirely coincidental. The money being raised from the sale of the GMTV stake is all going towards paying off our debts and is not being spent on the new headquarters.”

By Hamish Mackay

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