UTV Media plc has announced receipt of Ministerial Approval to the sale of UTV Television, with a completion of February 29th.
The sale was first announced on October 19th 2015, when UTV had agreed to sell the entire issued share capital of UTV Limited and its wholly owned subsidiary UTV Ireland Limited, which together comprise the whole of the television business of the Group to ITV Broadcasting Limited, conditional upon, amongst other things, approval by the Irish Minister for Communications, Energy and Natural Resources.
UTV today announces that Ministerial Approval has been received and that all other conditions to completion have been satisfied. Pursuant to the terms of the sale and purchase agreement with ITV, it is expected that completion will take place on Monday 29 February 2016.
A further announcement will by made by UTV to confirm that completion has taken place.
UTV’s radio divisions are expected to continue to operate under a new, yet to be announced name.