The Ulster-based company, which owns ITV in Northern Ireland as well as TalkSport radio, has taken a renewed interest in the Virgin Radio owners after walking away from talks in October.
In a statement today, UTV said it made an approach on 23 November and is now seeking recommendation from the SMG board, which may or may not lead to a merger.
Meanwhile, SMG has put its search for a chief executive to replace Andrew Flanagan on hold while the merger talks take place.
UTV quit the earlier talks after SMG rejected an offer of 52% in the merged company, but the Scottish group later issued a profit warning and saw its market capitalisation drop below that of UTV.
This article was first published on Media Week