CURRENT ACCOUNT: Change is likely at Today FM's owner Scottish Radio Holdings, whose 29.5 per cent shareholder Scottish Media Group (SMG) is coming under pressure over its heavy loans.

Almost £400 million sterling (€630 million) in the red, SMG's debt situation was brought into focus last week when its 17 per cent shareholder Telewest, the cable group, said it wanted to sell due to its own heavy debts. This sparked much speculation about the future of SMG, a multi-faceted regional giant with interests in television, radio, publishing and the internet.

With the group's boss, Mr Andrew Flanagan, admitting this week that the £148 million price tag 16 months ago on its Scottish Radio stake was "too high", analysts say this was the deal that overstretched the balance sheet.

Now the stake is rumoured to be on the market. What this means for Scottish Radio Holdings' many interests in the Republic remains to be seen. The firm's €100 million spending spree here has seen it acquire five regional newspapers - including the Longford Leader and Kilkenny People - and Today FM. Last year it sold Ireland on Sunday to Associated Newspapers, owner of the Daily Mail. While the firm has made no secret of its desire to expand the Irish operation, that may change if Scottish Media sells out.

One suggestion is that institutional investors will take the stake. In another scenario, however, SMG might attempt to buy Scottish Radio outright to engineer a recovery. That would depend on a financial recovery and the sale of Scottish Media's ITV assets - Scottish and Grampian Television.