UTV shareholders approve sale of television business for £100m
UTV Media shareholders have approved the £100m sale of its television business to ITV.
The Northern Irish firm announced in October that it had agreed to sell its television channels, which includes its new UTV Ireland station, to UK media giant ITV in a cash deal of up to £100m (€142m).
UTV will receive net cash proceeds of £98m (after fees) from the sale and will use these funds to pay down existing debt which totalled £60.2m as of the end of June.
Up to £55m in cash will be returned to shareholders once the sale goes through.
Shareholders voted overwhelmingly in favour of the deal at an emergency general meeting in London yesterday. At an extraordinary general meeting in London, on overwhelming 99.8% of votes were in favour of the sale.
The transaction is now expected to complete by the end of the first quarter of 2016.
UTV Media’s will now change its name and focus on its radio businesses UTV Radio GB and UTV Radio Ireland, and its digital media businesses, Simply Zest and Tibus Digital.
Its radio stations in the Republic include FM104 and Q102.
UTV Media plc is one of the most successful media companies based in the UK and Ireland incorporating broadcasting and digital media assets across its radio and television divisions.
