UTV Media plc is a successful media group operating in the UK and Ireland incorporating Radio, Television, New Media and Publishing.
UTV held the ITV franchise for Northern Ireland and a significant radio business in Ireland and in the UK through talksport, the UK’s only commercial sports radio station.
FL Partners controlled a strategic stake of up to 17% in UTV Plc from an initial purchase of 6.6% as part of a rights issue related to its purchase of FM104 in Dublin.
FL was attracted to UTV by a combination of its leading positions in its chosen markets, high EBITDA margins and strong cash conversion. It had a strong management with a track record of delivery.
FL Partners sold its investment in UTV Media plc into the market, achieving a significant multiple on its investment. UTV was subsequently acquired by ITV PLC.