ITV to snap up UTV Media brand and TV stations in £100m deal
ITV has agreed to stump up £100m on the purchase of Northern Ireland’s UTV Media, acquiring both the brand itself and its suite of TV stations.
The takeover follows an ill-fated UTV Media venture in the Republic of Ireland which is expected to rack up losses of close to £12m this year after failing to attract audiences.
ITV has committed itself to retaining UTV Media branding for the foreseeable future, resisting the temptation to introduce its own ITV Northern Ireland on-screen branding.
ITV chief executive Adam Crozier commented: "UTV 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.
"UTV Television's strategic objectives are closely aligned with our own and we are very pleased that they are joining the ITV family."
Not included in the sale are UTV Media’s profitable radio stations, including Talksport, which together account for 60 per cent of the firms revenues. This part of the business will now be renamed.
UTV Media recorded a £1m profit in the first six months of the year, down from £10m in the year previous, on profits of £58.3m.