Virgin Media granted approval to complete UTV Ireland takeover
TV3-owner Virgin Media has received regulatory approval and competition approval to press ahead with the acquisition of UTV Ireland.
The €10m deal, which will be funded through existing liquidity, includes a 10-year output deal in Ireland for ITV produced programming.
Chief executive of Virgin Media in Ireland, which is a wholly-owned subsidy of Liberty Global, Tony Hanway expressed his delight over the deal.
“This follows our acquisition of TV3 last year and we look forward to playing an even bigger role in the Irish broadcasting sector,” he said.
TV3 managing director Pat Kiely said: “The purchase of UTV Ireland is good news for viewers and will support TV3 to further compete against significant local and international competition.”