Virgin Media has received regulatory and competition approval to acquire UTV Ireland.
Virgin said the agreement includes a comprehensive 10-year output deal in Ireland for ITV produced programming.
Tony Hanway, chief executive of Virgin Media in Ireland, said the acquisition follows Virgin's acquisition of TV3 last year, adding the company is aiming to play an even bigger role in the Irish broadcasting sector.
Pat Kiely, managing director of TV3, said the purchase of UTV Ireland is good news for viewers and will support TV3 to further compete against significant local and international competition.
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The purchase is expected to be funded through existing liquidity.
