Ulster Television is still keen to acquire 100% of County Media, which owns three radio stations in Cork. UTV chief executive John McCann says the company is considering setting up a Munster based internet service provider combining local information with content from the main UTV site under a local brand name.
McCann's comments come as UTV reported pre-tax profits of £27m sterling for last year, compared with £7.8m in 1999, but this was boosted by an exceptional profit of £13.4m from the sale of its stake in Societe Europeenne des Satellites.
Television operating profits were up 20% to £14.3m, while group operating profits grew by 13% to £13.4m. Group turnover increased by 6.5% to £40.8m, with its UTV Internet division acquired last year contributing £900,000.
Television advertising revenue increased by 6% to £38.9m. UTV says it did not share fully in the strong dot.com advertising splurge enjoyed by some ITV companies early last year, and was therefore less affected by the drop-off in the second half.
Earlier this year, the IRTC approved in principle UTV's acquisition of 60% of Cork local radio group County Media, having earlier blocked a bid to buy 100% of the company. UTV says it intends to acquire 100% of County Media 'as soon as the regulatory environment permits' and is continuing to lobby for less restrictive ownership rules.
McCann also said that UTV would look to make further acquisitions in the Republic of Ireland if it could persuade regualtory authorities to allow them.
UTV has also taken a 20% stake in a consortium in Channel Three News, formed to bid for ITV news contract currently held by ITN. The other members are BSkyB, CBS, Chrysalis and Bloomberg.
