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SMG is to sell Virgin Radio to Absolute Radio and TIML of India for £53m, and £15m will be invested in the relaunch of the station under a new name.
SMG is to sell its Primesight outdoor advertising business to GMT Communications Partners for £62m.
Scottish Media Group has won planning permission to build a new headquarters for Scottish TV and its 400 staff at Pacific Quay in Glasgow by 2006.
Scottish Media Group is planning to relocate its Scottish Television studio in Glasgow from Cowcaddens to Pacific Quay by 2006.
SMG is planning to sell its SMG Publishing division, which includes three newspapers, 11 magazines and an online advertising business, to Gannett UK for £216m.
Scottish Media Group has acquired Town & District Posters, the outdoor advertising company, for £0.4m, in order to expand its Primesight business.
Scottish Media Group is to set up a holding company to highlight its four main activities - TV, radio, publishing and outdoor advertising - and has also announced plans to drop the word "Scottish" from its name.
Scottish Media Group is to acquire Ginger Media Group for £225m, in order to build up its radio and TV activities.