ITV plc is to buy 100% of UTV Television in a £100 million deal. subject to regulatory and shareholder approval.
It means that ITV will own 13 of the 15 regional licences for the Channel 3 network, the remaining two being held by STV in Scotland. Since January 1, 2015, UTV Media has also run a dedicated channel in the Republic of Ireland, which is already the country’s second most watched channel.
“We have a long-standing relationship with UTV, which has been the leading commercial broadcaster in Northern Ireland for many years thanks to its strong regional identity and blend of excellent local programming and strong network shows,” said ITV Chief Executive Adam Crozier. “UTV Television’s strategic objectives are closely aligned with our own and we are very pleased that they are joining the ITV family. We are looking forward to working with the team going forward.”
The transaction will be financed through existing cash and debt facilities. The deal excludes UTV Media plc’s radio businesses UTV Radio GB and UTV Radio Ireland, and its digital media businesses, Simply Zesty and Tibus Digital.
