Media

TVC sells 44% of stake in UTV Media for €22.1 million

Company disposes of 7.6 million shares, recovering full cost of original investment

Shane Reihill, TVC Holdings executive Chairman (right) with John Tracey, chief executive. Photograph: Dara Mac Dónaill/The Irish Times
Shane Reihill, TVC Holdings executive Chairman (right) with John Tracey, chief executive. Photograph: Dara Mac Dónaill/The Irish Times
Ciara Kenny
Thu Feb 27 2014 - 11:05

Investment holding company TVC Holdings has sold part of its stake in UTV Media for €22.1 million.

The company disposed of a total of 7.6 million shares, around 44 per cent of its total stake, it said in a statement today.

TVC had invested €27.3 million in 2008 to acquire an 18 per cent shareholding in UTV.

Today’s share sale, including dividends received to date, has allowed TVC to recover the full cost of its investment in UTV, it said.

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TVC still holds 9,640,262 shares in UTV, representing a shareholding of 10.05 per cent. Its stake is currently valued at €29.2 million.

TVC’s pre-tax profits for the six months to the end of September were €6.8 million, up from €2.4 million in the same period in 2012. It attributed its boosted performance to the increase in their share in UTV Media.

Ciara Kenny

Ciara Kenny

Ciara Kenny, founding editor of Irish Times Abroad, a section for Irish-connected people around the world, is Editor of the Irish Times Magazine