LONDON (Alliance News) - UTV Media PLC on Friday blamed the speculation about the future of its television business for the weak trading in its Irish television arm recently and said losses for the division will be wider than expected.
UTV in October said it had agreed to sell its Northern Irish and Irish television businesses to ITV PLC, the FTSE 100-listed broadcaster, in a GBP100.0 million deal.
On Friday, UTV said the uncertainty created by the speculation which had arisen prior to the sale being agreed had, and is continuing to have, a negative impact on trading in its Irish television business. As a result, it expects its full-year loss for the business will be around GBP13.0 million, well ahead of the GBP6.0 million in losses it had been anticipating at the start of the year.
Trading for its Northern Irish television business has been broadly in line with its expectations, as as its radio division.
UTV shares were down 3.8% to 178.00 pence on Friday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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