Ulster Television To Acquire Irish Radio Stations

Ulster Television (UTV), one of the smallest of the remaining ITV franchisees, is to add radio interests to its portfolio with the acquisition of County Media, a radio broadcasting business based in Cork, Eire for IRE£28.5m.

John McCann, managing director of UTV commented: “The acquisition of County Media is an important strategic development for UTV, which will further strengthen our multimedia offering throughout Ireland.”

County Media operates three independent radio stations in and around Cork City and publishes a weekly freesheet newspaper Inside Cork, which has a distribution base of 20,000. The company also has its own advertising sales operation, Dublin-based Broadcast Media Sales. UTV’s own sales house, TSMS, was recently taken over by Granada Media, as part of the UNM merger (see Future Of ITV Laid Out As Granada Seals Deal).

The deal will see UTV assuming liability for a net debt in County Media of approximately IRE£3m. Delta Partners, a 35% shareholder in County, will receive cash on completion of the deal, while the remaining shareholders will receive loan notes.

UTV announced its intention to make the acquisition this morning. By lunchtime today shares in the company were down 14½p at £3.55.

Ulster Television: 01232 328 122

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