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23/11/2000
UTV TO ACQUIRE CORK-BASED COUNTY MEDIA
UTV have announced the proposed acquisition of County Media, a radio broadcasting business based in Cork, Ireland, for IR£28.5 million.
In addition, UTV will assume liability for the net debt in County Media of circa IR£3 million.
Commenting on the acquisition, John McCann, Managing Director of UTV, said: “The acquisition of County Media is an important strategic development for UTV, which will further strengthen our multi-media offering throughout Ireland. This acquisition will serve to enhance the earnings of UTV Group and reinforce our position as a significant player in the indigenous market.”
The consideration will be payable by UTV in cash and loan notes on completion and will be financed by a combination of UTV’s own resources and bank borrowings.
(CD)
In addition, UTV will assume liability for the net debt in County Media of circa IR£3 million.
Commenting on the acquisition, John McCann, Managing Director of UTV, said: “The acquisition of County Media is an important strategic development for UTV, which will further strengthen our multi-media offering throughout Ireland. This acquisition will serve to enhance the earnings of UTV Group and reinforce our position as a significant player in the indigenous market.”
The consideration will be payable by UTV in cash and loan notes on completion and will be financed by a combination of UTV’s own resources and bank borrowings.
(CD)
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