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UTV to return 55 mln stg to shareholders after TV unit sale

Published 14/01/2016, 07:32
© Reuters. UTV to return 55 mln stg to shareholders after TV unit sale
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(Reuters) - Northern Ireland broadcaster UTV Media Plc (L:UTV) said it would return about 55 million pounds ($79 million) to shareholders after the sale of its television unit to ITV Plc (L:ITV).

The deal, which is expected to complete by the end of March, will result in net cash proceeds of 98 million pounds, UTV said in a statement.

The company said it would return 50.8 million pounds through the issue of B-class shares, with the rest given to shareholders via a special dividend.

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