UTV Media has confirmed that it is in discussions about the possible sale of its television assets.

In a note to the London Stock Exchange this morning the broadcast company said discussions with an unnamed party were ongoing "and may or may not result in such a transaction being agreed".

On Saturday the Belfast Telegraph reported UTV was set to announce the sale of its television division to British operator ITV.

UTV currently has the 'channel 3' licence for Northern Ireland, which allows it to broadcast ITV programming in the market.

While there are 15 such licences across Britain UTV is one of only two remaining independent holders, as ITV has gradually acquired operators in recent years.

At the start of the year UTV launched a new channel in the Republic, UTV Ireland, though it is not clear whether this is included the sale talks.

The group had initially predicted the channel would be break-even by the end of its first year but in June it forecast the operation would instead record a £11.5m loss.

UTV blamed weaker-than-expected day time and weekend audience figures for the poor performance and said it would revamp the station in order to draw in viewers.

Aside from its television division, UTV Media also owns a number of radio stations in Ireland and Britain including FM104 in Dublin and Talksport in London.

The company is due to publish its results for the first half of the year on Friday.