Virgin Media has agreed a deal with ITV to acquire UTV Ireland.
The deal, which is subject to regulatory approval in the coming months, will also see Virgin take over a ten-year programme supply agreement with ITV Global Entertainment.
ITV completed a £100 million deal for the entire UTV Television portfolio back in February.
Christy Swords, director of broadcast finance and operations for ITV, said, “Launching UTV Ireland last year represented a significant achievement by the teams in Dublin and Belfast in challenging circumstances.
“ITV took over the business a few months ago and we've concluded that bringing TV3 and UTV Ireland together under common ownership offers the best prospect of delivering a strong and sustainable Irish commercial broadcaster, underpinned by a long-term programming agreement with ITV.
“We recognise that this has been an uncertain period for the staff of UTV and UTV Ireland and we have been determined to reach a speedy resolution. We believe that the decision we have made represents an important step forward for the future of the channel.”