UTV Media plc has completed the sale of UTV Television and announced it will be known as Wireless Group PLC.
From tomorrow, March 1st, Wireless Group will trade on the London Stock Exchange and Irish Stock Exchange as WLG and operate from its new website at wirelessgroupplc.com.
The Wireless Group was a company bought by UTV in 2005 for £100m, which at the time owned talkSPORT and local radio stations in England, Scotland and Wales. The deal marked the first time UTV owned radio stations in the UK.
As previously announced, the Company expects to receive net cash proceeds, after transaction costs, of approximately £98 million from the Sale and intends to return a total of approximately £55 million of cash to shareholders.