LONDON — Scottish Media Group has bid $51.8 million for VCI, the video publishing company chaired by Michael Grade, former chief exec of Channel 4.
For SMG — the parent of ITV network company Scottish Television — the move represents its first acquisition outside of Scotland.
However, some shareholders in VCI — which holds the rights to the “Thomas the Tank Engine” videos — expressed disappointment at the bid, arguing the company is worth more.
Last year, VCI posted sales of $178.6 million with a pre-tax profit of $9.9 million. SMG has underpinned its bid by buying 26% of VCI’s shares in the market.