UTV Sells TV Business To ITV For £100m

UTV has announced that it has entered into a conditional agreement to sell the entire issued share capital of UTV Limited and its wholly owned subsidiary UTV Ireland Limited to ITV.
UTV Television was sold for a cash consideration of £100 million on a cash-free-debt-free basis, subject to an agreed target working capital amount remaining in UTV Television at completion of the sale.
Richard Huntingford, Chairman of UTV said: "The last few years have seen increasing consolidation in the global television sector, creating media companies that span content, broadcast and platform ownership. Having successfully extended the reach of our television business with the launch of UTV Ireland, I believe that Shareholder value can be maximised through our television interests becoming part of ITV's global broadcast and content business.
"I believe that the price reflects the inherent value within the UTV Television business. ITV will be a good owner of the business and, with its scale and reach, will be able to accelerate the future growth of the business. I want to thank all the UTV Television staff for their outstanding service to UTV over many years, and I wish them every success in the future."
(CD/LM)