The Week: City news - SMG in £30m tender offer

SMG has revealed it plans to return up to £30 million to its shareholders via a tender offer, as it has surplus funds following the sale of businesses such as Primesight and Virgin Radio.

Once the tender offer is complete, SMG said it plans to change its name to STV group. The company launched a rights issue in November last year to raise £95.1 million to reduce debt.