A Dublin-based investor has become the largest single shareholder in a radio and TV company as part of its on-going strategy of backing public and private businesses in the UK and Ireland.

TVC Holdings plc spent £14.9 million on buying 11 per cent of UTV Media Plc, the second investment it has made since its €50 million (£39.8 million) placing and listing on AIM and the IEX market of the Irish Stock Exchange last year.

The company adds its stake in UTV to a portfolio that includes interests in software developer Norkom and the Quality/Comfort Inn hotel chain.

UTV recently completed a £49.9 million rights issue as part of a re-financing to reduce its gearing, strengthen the balance sheet and develop its multimedia operations.

TVC executive chairman Shane Reihill said he sees UTV as a well managed, but undervalued business. “We believe that, following UTV’s recent rights issue and associated re-financing, the company is in a strong position to deliver upon its strategy and maximise value for all its shareholders.”

UTV is the licence holder of Channel 3 in Northern Ireland, with its assets also including national radio station talkSPORT, UTV internet and 24 local radio stations, which include FM104 in Ireland. The group is listed on the official lists of the London and Irish stock exchanges.