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UTV to return 55 mln stg to shareholders after TV unit sale

Reuters

(Reuters) - Northern Ireland broadcaster UTV Media Plc (UTV.L) said it would return about 55 million pounds ($79 million) to shareholders after the sale of its television unit to ITV Plc (ITV.L).

The deal, which is expected to complete by the end of March, will result in net cash proceeds of 98 million pounds, UTV said in a statement.

The company said it would return 50.8 million pounds through the issue of B-class shares, with the rest given to shareholders via a special dividend.

(Reporting by Mamidipudi Soumithri in Bengaluru; Editing by Sunil Nair)