Ireland’s Independent Radio and Television Commission (IRTC) this morning said that it does not approve Ulster Television’s proposed acquisition of Cork-based radio broadcaster, County Media.
UTV announced its intention to acquire County Media for IRE£28.5 million in November last year. However, the IRTC said that it was “not prepared to approve the present application” and the Board of UTV is awaiting a detailed explanation as to the reasons for this decision. The Board said in a statement that it notes the Commission’s decision to carry out a full review of its policy in April.
A further statement will be made by UTV as soon as the situation has been fully assessed.
At 10:00am today UTV shares were trading down 1½p at 348½p.
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