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ITV in UTV takeover talks

Northern Irish commercial broadcast group UTV Media has confirmed it is in talks over the sale of its TV assets, with UK commercial broadcaster ITV the interested party.

Belfast-based UTV Media, which launched in 1959, is set to sell off its TV assets to ITV in “a multimillion-pound deal” but will keep its more profitable radio division, according to the Belfast Telegraph.

UTV and ITV refused to comment further on the reports, with the former adding that discussions are ongoing and may not result in a deal. UTV shares rose 10% in early trading after the company released a statement confirming talks were taking place.

The inclusion of UTV Ireland, the broadcaster’s recently launched Irish channel, as part of the deal is uncertain with the network enduring a torrid eight months since its launch in January.

UTV said in July it expected the network to lose around €16m (US$17.72m) by the end of the year, after just 73,000 viewers tuned in to watch its first homegrown news programme, Pat Kenny’s Out With the Old – In With the U, in January.

The fledgling channel, which is planning a major rebrand, had struck a deal to snatch away long-running ITV soaps, such as Emmerdale and Coronation Street, from Liberty Global-owned rival TV3 prior to its launch. Liberty also owns a stake in ITV.

UTV, which will reveal its half-year results on Friday, was also linked with TV3 in July while the long-term future of its Irish channel remains in the balance, according to analysts.

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