ITV set to scoop up UTV Media this week

ITV was set to scoop up Northern Ireland broadcaster UTV as soon as the current week as company chief Adam Crozier continued on his expansion plans.

Analysts said a recent failed foray south of the border by UTV Media, through the launch of its UTV Ireland channel, meant ITV had the upper hand in any negotiations.

Nevertheless, the uncertainties over UTV Ireland might lead to the negotiations dragging out into the next weekend, sources familiar with the talks cited by The Sunday Times said.

Analysts valued UTV at between £100m and £125m.

Crozier recently acquired the production house behind The Vice for £781m and the purchase of UTV may stoke speculation that STV, the holder of the ITV franchises for Scotland, may be next on the list.

As of 12:22 shares of UTV Media were 7.20% higher at 175p while those of STV were flat at 425p.