UBC Media has sold its share in the digital radio multiplex company MXR.
Fellow shareholders Guardian Media Group have picked up UBC's 7.5 per cent stake for £136,000 plus a one-off cash dividend payment from MXR of £52,000.
The move is part of UBC's strategy to focus on the production of content and the development of interactive software. As part of the agreement, UBC has also been released from its spectrum contracts that run to 2015 with MXR. This has enabled UBC to release circa £400,000 of provision which had been made to cover this contract.
MXR owns five regional multiplexes in England – located in Yorkshire, the North East, the North West, Seven Estuary and West Midlands.