Broadcaster SMG has seen its shares plummet to a 15-year low after the firm warned its profits this year would be below market expectations.
SMG says competition is tough
SMG shares fell by more than a quarter after the Virgin Radio-owner said it was in talks with banks concerning a breach of certain financial covenants.
SMG said that tough advertising conditions were affecting its Scottish Television and Ginger Productions arms.
The profit warning comes after Ulster Television dropped merger plans.
Shares in SMG on the London Stock Exchange were down 21.01%, at 54 pence, by 12.31 BST.
Pearl & Dean - the advertising business which SMG is looking to sell - was also hit by the weak advertising market, the company said.
SMG said that a satisfactory outcome to talks with its banks was expected.
The company currently owns most of Scotland's commercial TV network.