The board of UTV says it is awaiting a detailed explanation of the reasons for the IRTC's rejection of its £31m takeover bid for County Media, which owns three radio stations in Cork.
The Commission blocked the deal on Monday, though yesterday Tanaiste Mary Harney cleared it on competition grounds.
A UTV statement this morning said it noted that the IRTC would carry out a full review of its policy on ownership in April.
The company said it would make a further statement as soon as the situation could be fully and properly assessed.
