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 £10 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 £2.2 million and profit before tax of £408,000. As
at 31st December 2014,
Juice FM had gross assets of £603,000.
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