Canadian media giant, CanWest, has announced that it has sold its 30% share in ITV owned Ulster Television (UTV) for £59 million.
The $50 million proceeds from the deal, which is the largest for ITV since Carlton and Granada merged earlier this year, will help CanWest reduce bank debt, standing at a reported £1.2 billion.
Leonard Asper, president and chief executive said: “The sale of CanWest’s shares in UTV is consistent with the previously stated intention of the company to divest non-core, non-strategic assets. While valuable in its own right, CanWest’s investment in UTV was no longer considered to be of strategic importance in terms of the company’s overall media strategy.”
CanWest, which owns several newspapers, cable channels and radio stations in Canada, bought the UTV shares just under seven years ago and has received $33 million in dividends during this period from the company.
It has not yet been revealed who has bought the holdings but it is understood the shares have been placed on the markets with institutions.
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