Milne and Jones believed to be on verge of MBO
Milne: keeping tight lipped over rumours
As The Drum went to press, industry speculation suggested that the management buyout of Mediaedge: CIA Scotland was imminent.Should an MBO go through it would be the first time in recent history that a Scottish-based subsidiary company has broken away from a major international media organisation and would go against the trend of media globalisation.
Mediaedge: CIA Scotland's chief executive, Graham Milne, and former CIA Scotland managing director, Philip Jones, are understood to be heading up the MBO bid, which industry sources say was expected to be signed and sealed last Friday, but has been delayed.
Rumours of an MBO at the Edinburgh-based agency have been rife for some months, particularly after MD, Philip Jones, was reported as being made redundant.
When the deal goes through it is believed that Milne and Jones will be changing the name of the agency, but will remain in the same premises on Broughton Street. It is also expected that they will retain the staff they have at the moment.
Neither Milne or Jones were prepared to comment on the rumours as The Drum went to press.