Northern Irish Broadcaster Confirms ITV Talks
UTV Media says discussions over the sale of its TV assets to the U.K.-based broadcasting giant are "ongoing."
Northern Irish broadcaster UTV Media’s share price jumped 10 percent on Monday morning after confirming that it has been in talks with U.K. broadcasting giant ITV over the sale of its TV assets.
Reports emerged over the weekend that UTV was planning to sell its TV division. The company, which owns the ITV franchise for Northern Ireland and also has radio stations across the U.K., later said that discussions were “ongoing” and “may or may not result in such a transaction being agreed [to].”
Earlier this year, UTV launched a channel in the Republic of Ireland, UTV Ireland, but has struggled to build audiences and has revealed it expects the channel's 2015 loses to hit $13.4 million.
UTV Ireland’s main competitor is TV3, which last month was acquired by John Malone’s Liberty Global, which also last month upped its stake in ITV to 9.9 percent.