The media group will sell off two of its businesses

The company is putting its billboard advertiser Primesight up for sale along with cinema advertiser Pearl and Dean.

New chief executive Rob Woodward halted the sale of Primesight earlier this year while the review was carried out.

The Glasgow-based media group will also press ahead with the autumn flotation of Virgin Radio.

The changes come after SMG cut the number of its senior executives from seven to three and saw its annual group profits reduced by half to just �10m after a "troubled year".

'Achieved savings'

The company, which also operates production businesses, including Ginger Productions, said it intended to use the sell-off as a way of increasing programming.

Mr Woodward said the changes would result in an improved focus for the company.

He said: "Over the next six months we will focus on the disposal of the non-core assets. "We have already achieved savings of �1.5m and we are very confident about achieving a further �1m by the end of the year.

"And no, we are not looking at any mass job cuts."

SMG said recent results backed its view that previous growth initiatives, in particular the company's new media strategy, were not delivering.

The group told the City that the contribution from e-commerce would be �3m lower than expected, while ITV sponsorship and interactive revenues weakness will result in a decrease of �1.6m in profits.

It has also been hit by the company's failure to secure some production commissions.