11th Jul 2016 16:23
LONDON (Alliance News) - ITV PLC on Monday said it has agreed to sell Irish entertainment channel UTV Ireland to Liberty Global PLC's Virgin Media, after having purchased the subsidiary from Wireless Group PLC earlier this year.
ITV bought UTV Television, which comprised of UTV Ltd and subsidiary UTV Ireland, from Wireless Group PLC in February for GBP98.0 million.
On Monday, ITV said it was now selling UTV Ireland to Virgin Media, subject to regulatory approval, and as part of the deal, Virgin would take over the existing ten-year programme supply agreement with ITV's distribution business ITV Global Entertainment.
Shares in ITV closed up 2.7% at 185.72 pence on Monday.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
ITV