UTV shareholders agree on £100m sale to ITV
The official resolution to sell UTV’s television business to ITV was was duly passed at a general meeting today.
Shareholders gave the thumbs up to the deal, meaning the company will now rename itself and concentrate on its UK and Irish radio divisions, along with its websites.
It’s not yet known what the new company will be called, or whether it will invest the proceeds of the sale (after debts and fees) towards its expanding its radio portfolio, or continue to sell its stations.
UTV has recently sold one of its stations to Global, meaning Juice FM Liverpool will become Capital next month. However, the company is gearing up towards the launch of three brand new national radio stations early next year on DAB.
The sale to ITV is expected to complete in the first few months of 2016.