TVC Holdings buys 11% stake in UTV

TVC Holdings, an Irish investment company that sold shares for the first time last summer, bought 11% of UTV Media Plc for £14.9 million (€18.70m), becoming the broadcaster’s largest single shareholder.

The investment reflects TVC’s strategy of buying “significant stakes” in public and private companies, the Dublin- based company said.

UTV yesterday said it got acceptances from 41.5% of its investors supporting a rights offer to raise £49.9m. The underwriters will take up the remaining shares, UTV said.