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Sunday 18 August 2019

UTV investors to get up to £55m

UTV Media plans to return as much as £55m (€78m) to shareholders after the sale of its television assets, including its fledgling Irish station, to ITV.

In a circular issued yesterday, Northern Ireland-based UTV Media announced it will hold a meeting on December 1 to allow shareholders to vote on the sale of its television assets. The assets are to be sold to ITV in a £100m deal.

UTV will receive net cash proceeds of £98m (after fees) from the sale and will use these funds to pay down debt which totalled £60.2m as of the end of June.

It said it expects to put up to £30m in new bank facilities in place. UTV said that it would also return a minimum of £40m and "up to an additional £15m" to shareholders as soon as it can.

Irish Independent

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