ITV to acquire UTV Television

ITV is to acquire UTV Media’s television business for £100m, it has been announced.

UTV is Northern Ireland’s biggest commercial channel and on completion of the deal ITV will own 13 of the 15 regional licences for the Channel 3 network as well as UTV Ireland, a new channel dedicated to the Republic of Ireland.

UTV Media also owns 12 local radio stations in England, as well as Talksport and the freebie Sport magazine, which will not be sold.

“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.”

In August, UTV reported half-year profits of £1m on a turnover of £58.3m – compared to profits of £10m in the same period of 2014.

John McCann, group chief executive of UTV Media plc, added: “Becoming part of the ITV family is by far the best way to take UTV’s television business forward with an ongoing focus to provide brilliant television to viewers right across Ireland.”

The deal is subject to regulatory and UTV Media plc shareholder approval. The transaction will be financed through existing cash and debt facilities.