UTV expects €138m sale of TV assets to be completed by end of March
UTV expects sale of its television assets, which includes UTV Ireland, to be completed by the end of March.
In a trading update released to the Irish Stock Exchange this morning, the firm said that it expects the sale of UTV Television to ITV to net £98m (€138m) in net cash proceeds.
The company also announced that it would return £55m (€72m) of cash to shareholders, which results in around 57p per share.
UTV is expected to become a focused radio group once the deal is completed with three new national radio stations to be launched on the D2 multiplex in the first three months of the year.
Speaking about the deal chairman of UTV, Richard Huntington, says that the deal will act as a good growth platform for the company.
"The above strategic objectives provide a strong growth platform for the continuing group.
“The modest level of financial gearing and strong cash flow generation of the business will provide shareholders with an attractive combination of dividend and capital growth over the coming years,” Mr Huntingford said.