UTV Offers £98.2 Million For Wireless Group

Ulster TV (UTV) has made an official bid for the Wireless Group (TWG), offering £98.2 million for the company, equating to 91 pence in cash for each Wireless share.

UTV directors believe that the acquisition of TWG will strengthen the company’s position as a TV and radio broadcaster in the Republic of Ireland.

Commenting on the offer, Patrick Cox, senior independent non executive director of TWG said: “We believe that the combination of Wireless and UTV will create a strong competitor in the UK media market, with a diversified portfolio in TV and radio and a platform for expansion in the new digital channel formats.”

John McCann, chief executive of UTV said: “UTV looks forward to bringing Wireless’s radio assets into the UTV portfolio. We believe that this acquisition will offer exciting opportunities for the continued expansion of UTV’s business by providing a cornerstone for a broader radio strategy in Great Britain.”

Last month UTV confirmed media speculation surrounding a possible bid, saying that discussions were in a preliminary stage (see Ulster Confirms Possible Takeover Bid For TWG).

Reports of the sale started in February when The Times revealed that investment bank, Goldman Sachs, was advising the broadcaster following a ‘sales memorandum’ (see Wireless Group Preparing Buyout Auction).

UTV: 02890 328122 www.utv.co.uk Wireless Group: 020 7269 7180