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UTV Media agrees sale of TV stations to ITV for £100m UTV Media agrees sale of TV stations to ITV for £100m
(35 minutes later)
UTV Media has agreed to sell its television stations and brand to ITV for £100m.UTV Media has agreed to sell its television stations and brand to ITV for £100m.
The media company has operated in Northern Ireland since 1959 and launched a station in the Republic of Ireland in January.The media company has operated in Northern Ireland since 1959 and launched a station in the Republic of Ireland in January.
But the new Dublin station has struggled to find an audience and is expected to lose almost £12m this year.But the new Dublin station has struggled to find an audience and is expected to lose almost £12m this year.
The UTV Media business retains a portfolio of radio stations, including Talksport.The UTV Media business retains a portfolio of radio stations, including Talksport.
The radio stations are responsible for about 60% of UTV Media's revenue.The radio stations are responsible for about 60% of UTV Media's revenue.
That part of the business which is not being sold will be renamed at a later date.That part of the business which is not being sold will be renamed at a later date.
ITV said it has no plan to change the on-air branding, meaning the UTV name will remain rather than becoming ITV Northern Ireland.
UTV broadcasts many of Northern Ireland's most watched programmes.UTV broadcasts many of Northern Ireland's most watched programmes.
'Long-standing relationship''Long-standing relationship'
In August, it reported half-year profits of £1m on turnover of £58.3m.In August, it reported half-year profits of £1m on turnover of £58.3m.
That compared to profits of £10m in the same period of 2014.That compared to profits of £10m in the same period of 2014.
The deal will need approval from the UK and Irish broadcasting regulators and Ireland's competition watchdog.The deal will need approval from the UK and Irish broadcasting regulators and Ireland's competition watchdog.
Adam Crozier, ITV's chief executive, said the two companies had a "long-standing relationship".Adam Crozier, ITV's chief executive, said the two companies had a "long-standing relationship".
"UTV has been the leading commercial broadcaster in Northern Ireland for many years thanks to its strong regional identity and blend of excellent local programming and strong network shows," he said."UTV has been the leading commercial broadcaster in Northern Ireland for many years thanks to its strong regional identity and blend of excellent local programming and strong network shows," he said.
"UTV Television's strategic objectives are closely aligned with our own and we are very pleased that they are joining the ITV family.""UTV Television's strategic objectives are closely aligned with our own and we are very pleased that they are joining the ITV family."
John McCann, the group chief executive at UTV Media, said the sale was the "best way to take [the] business forward".John McCann, the group chief executive at UTV Media, said the sale was the "best way to take [the] business forward".