Ireland's TVC ups its stake to become biggest shareholder in UTV Media

LONDON - Ireland-based investment vehicle TVC Holdings is the single biggest shareholder in TalkSport owner UTV Media, after raising its stake in the company to 15%.

The investor, which holds stakes in a range of businesses including the Quality/Comfort Inn hotel chain, said it has raised its stake in UTV Media by buying a further 4% of the company, taking TVC's total investment in UTV to £19.5m.

Earlier this week, TVC, which made a €50m (£60m) listing on London's AIM market and the IEX Irish market in 2007, paid £14.9m to become an 11% shareholder in the company, which also owns the ITV franchise for Northern Ireland.

TVC Holdings said the latest investment reflects its investment strategy of acquiring stakes in both public and private companies across a range of sectors, principally in the UK and Ireland.

Earlier this week, TVC executive chairman Shane Reihill said: "We believe UTV is a well managed business, which is currently undervalued by the market.

"We believe that, following UTV's recent rights issue and associated refinancing of its balance sheet, the company is in a strong position to deliver upon its strategy and maximise value for all its shareholders."

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