UTV Media PLC UVT Media Plc Announces The Sale of Juice FM
June 05 2015 - 2:00AM
UK Regulatory
TIDMUTV
UTV MEDIA PLC ANNOUNCES THE SALE OF JUICE FM TO THIS IS GLOBAL LIMITED
Further to its statement of 9th January 2015, UTV Media plc ("UTV" or the
"Group") today announces that it has agreed to sell Juice FM, UTV's radio
station in Liverpool, to Global Radio Holdings Ltd ("Global Radio"), a
subsidiary of This is Global Ltd.
Consideration for the sale, amounting to GBP10 million, will be payable in cash
on completion of the transaction, which is conditional on approval by the
Competition and Markets Authority. Proceeds from the disposal will be applied
to reduce existing Group indebtedness.
For the year ended 31st December 2014, Juice FM reported revenues of GBP
2.2 million and profit before tax of GBP408,000. As at 31st December 2014, Juice
FM had gross assets of GBP603,000.
The strategic review of UTV's remaining UK independent local radio stations is
ongoing and further announcements will be made in due course, as appropriate.
For further information, please contact:
Orla McKibbin, Director of Communications
Tel: +44 (0) 2890 262188 or +44 (0) 7879 666427
END
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