The agreement also includes a comprehensive 10-year output deal in Ireland for ITV produced programming.
The £10 million purchase price is expected to be funded through existing liquidity.
Tony Hanway, CEO of Virgin Media in Ireland, said: “We’re delighted to have received regulatory approval to acquire UTV Ireland. This follows our acquisition of TV3 last year and we look forward to playing an even bigger role in the Irish broadcasting sector.”
Pat Kiely, MD of TV3, said: “The purchase of UTV Ireland is good news for viewers and will support TV3 to further compete against significant local and international competition.”
UTV Ireland wad launched on January 1, 2015. It was, along with UTV in Northern Ireland, officially transferred to ITV ownership on February 29 this year.