TVC boosts stake in UTV Media to 15pc

17 Jul 2008

Prominent investment firm Trinity Venture Capital has increased its stake in broadcaster-turned-internet powerhouse UTV Media to 15pc, it emerged this morning.

Trinity Venture Capital (TVC), whose portfolio includes firms like Norkom Group and the Quality/Comfort Inn hotel chain, last year abandoned the traditional route of venture capital firms that raise money from sources like pension funds.

Instead, it proceeded to raise €50m in funding through a flotation on the Dublin IEX market and the London AIM market, and achieved a valuation of €152m.

This morning, TVC revealed it has acquired an additional 4pc in UTV Media, bringing its shareholding to 15pc for total consideration of €24.8m.

This investment follows TVC’s announcement on Tuesday that it had acquired a shareholding of 11pc in UTV, becoming the company’s largest shareholder.

In February, UTV paid £5m sterling to acquire all-Ireland focused web design agency Tibus.

By John Kennedy

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years