On 19th October 2015, ITV plc announced that it had agreed to acquire 100% of UTV Ltd, which owns the television assets of UTV Media plc, for a total cash consideration of £100 million. This was subject to regulatory and UTV Media plc shareholder approval.
Ministerial approval has now been received and all other conditions to completion have been satisfied. Completion is expected to take place on Monday 29th February 2016.
Original story – October 19, 2016
ITV plc is to acquire UTV Ltd, which owns the television assets of UTV Media plc, for a total cash consideration of £100 million on a cash-free-debt-free basis, subject to an agreed target working capital amount remaining in UTV Television at completion of the sale.
The television assets of UTV Media plc reported total revenue of £34.7m (2013: £34.1m) and operating profit (excluding central costs remaining with UTV Media plc) of £6.6m (2013: £8.9m) in 2014. The 2014 operating profit included £3.0m costs in relation to start-up costs for UTV Ireland.
The deal includes a break fee arrangement with UTV Media plc; UTV Media plc will pay ITV a fee of £1 million if the deal fails to complete as a result of UTV Media plc failing to obtain the approval of its shareholders to the deal by no later than 31 December 2015.
On completion of the acquisition ITV will own 13 of the 15 regional licences for the Channel 3 network.
UTV is a commercial broadcaster and the most watched channel in Northern Ireland, broadcasting ITV content alongside local programming. UTV Ltd also owns 100% of UTV Ireland, which launched a new dedicated channel for the Republic of Ireland on 1 January 2015. UTV Ireland is already the second most watched channel in peak in Ireland.
“We have a long-standing relationship with UTV, which has been the leading commercial broadcaster in Northern Ireland for many years thanks to its strong regional identity and blend of excellent local programming and strong network shows,” said ITV Chief Executive Adam Crozier.
“UTV Television’s strategic objectives are closely aligned with our own and we are very pleased that they are joining the ITV family. We are looking forward to working with the team going forward.”
UK, London and Belfast
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