TV3 co-owner sells stake in UTV

ONE of the co-owners of TV3 has offloaded its entire stake in rival broadcaster Ulster Television.

CanWest Global, which has a 45% stake in TV3, sold its entire 29% holding in UTV yesterday to institutional investors in London, netting around €88 million.

CanWest made a tidy profit on the sale. Since it bought into the Belfast- based UTV in 1997 it has received £20 million in dividends.