UTV Media has agreed to sell their TV stations and brand to ITV for €136 million.
UTV has been running in Northern Ireland since 1959 and launched UTV Ireland in January, but the Dublin based station has already lost €10 million so far this year, while the northern station reported a half-year profit of just €1.36 million, a 90% drop from the same time the year previous.
The company will retains some of their radio stations, such as Talksport, FM 104, and Q102, which are responsible for almost 60% of their revenue.
The remaining elements of the business will be renamed at a later date.
ITV have said they have no intention of changing the name of the TV stations, meaning UTV and UTV Ireland will continue to broadcast under those banners.
Via Irish Times and BBC
