UTV has confirmed today that it is set to sell its television assets to ITV, the UK's largest free-to-air broadcaster.
In a deal worth £100 million (€136m), ITV will acquire both UTV Ireland and UTV Northern Ireland.
UTV Ireland launched back in January but has had an underwhelming performance since then, and posted a loss of €10.2m in the first half of 2015.
Chairman of UTV Richard Huntingford commented:
“The last few years have seen increasing consolidation in the global television sector, creating media companies that span content, broadcast and platform ownership. Having successfully extended the reach of our television business with the launch of UTV Ireland, I believe that shareholder value can be maximised through our television interests becoming part of ITV’s global broadcast and content business.
“I believe that the price reflects the inherent value within the UTV Television business. ITV will be a good owner of the business and, with its scale and reach, will be able to accelerate the future growth of the business.”