Industry & Business

UTV Media to become Wireless Group

UTV Media to become Wireless Group

March 01
15:03 2016

UTV shareholders approve sale of television business for £100mUTV Media has changed its registered name from UTV Media Plc to Wireless Group Plc with immediate effect.

This follows the disposal of its television unit, including its wholly owned subsidiary UTV Ireland Limited, to ITV.

As previously announced, the company said it expects to receive net cash proceeds, after transaction costs, of around £98m from the sale. It said it then intends to return about £55m to shareholders.

Wireless Group will now focus on radio, namely talkSPORT, 12 local radio stations in the UK and seven stations in Ireland, including FM104 in Dublin.

The launch of three new national radio stations in the UK is on track for the end of the first quarter.

UTV Media plc is one of the most successful media companies based in the UK and Ireland incorporating broadcasting and digital media assets across its radio and television divisions.

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