TVC reduces stake in UTV

Irish investment group TVC Holdings has sold off part of its stake in Northern Irish commercial broadcaster UTV for €22.1m (US$30.2m).

As a result, the 18% stake TVC took in the broadcaster in 2008 for €27.3m has been reduced to 10.05%, which is currently valued at €29.2 million. The share sale means TVC is able to recover the full cost of its entire UTV investment.

The UTV channel is the Northern Irish ITV broadcast licence holder and also owns radio station TalkSport and publishing assets. It is gearing up to launch a new television channel across the border in the Republic of Ireland in January 2015.

UTV Ireland will be based in Dublin with offices in Cork, Galway, Waterford and Limerick, and will be the new home to ITV soaps Coronation Street and Emmerdale in the Republic.