UTV ACQUIRES MAJORITY OF COUNTY MEDIA

ULSTER Television (UTV) has received the go ahead to acquire a 60 per cent stake in County Media for around IR£17.1 million.
The deal had been on hold pending a final decision by the Independent Television and Radio Commission (IRTC) on the proposed complete acquisition by UTV of the Cork-based company that runs three radio stations and a newspaper.
The Managing Director of UTV John McCann (pictured) said: "We are absolutely delighted with the IRTC decision and look forward to finalising this deal with County Media. Obviously, we were aiming for 100 per cent ownership and had hoped to persuade the IRTC of the merits of such a proposition. However, we are hopeful that in light of the forthcoming IRTC review of policy, 100 per cent ownership of County Media is still achievable.
"This is an important strategic move for UTV, which further strengthens our position throughout Ireland. We look forward to working with Colm O'Conaill and his management team to build upon the excellent service they have achieved for the people of the Cork region. This acquisition will serve to enhance the earnings of UTV Group and reinforces our position as a significant player in the indigenous market."
The proposed transaction will be effected through a holding company Fairtell Ltd that will be 60 per cent owned by UTV.
The remaining 40 per cent will remain with the current shareholders of County Media. However, if permitted by the IRTC under a forthcoming policy review, County Media shareholders have agreed to sell their remaining shareholding to UTV. (SP)