The Belfast-based media group has announced the sale will include UTV Ireland, its Irish TV channel that was launched in January.
UTV in Northern Ireland was launched in 1959 and this is the first time the broadcaster is to pass out of local control since it was created 55 years ago. Earlier this year, the comapny recorded a €15.6m loss for its first year.
The sale will see UTV concentrate on its Irish and British radio and online operations. As part of the deal ITV will acquire the UTV brand.
Richard Huntingford, chairman, UTV, said: “The last few years have seen increasing consolidation in the global television sector, creating media companies that span content, broadcast and platform ownership. Having successfully extended the reach of our television business with the launch of UTV Ireland, I believe that shareholder value can be maximised through our television interests becoming part of ITV’s global broadcast and content business. I believe that the price reflects the inherent value within the UTV Television business. ITV will be a good owner of the business and, with its scale and reach, will be able to accelerate the future growth of the business.”