UTV says it hopes to use the resources of its existing radio network in Ireland for its new TV channel here. Its radio arm supplies seven stations across the island of Ireland with content.
UTV is applying for a licence to launch the new Irish TV channel, creating 100 new jobs. 70 of the positions will be in Dublin and 30 will be located around the rest of the country.
The company says the investment is worth tens of millions of euro and will offer Irish news and programming, as well as the current ITV content, such as 'Coronation Street' and 'Emmerdale'.
Many of those programmes are already shown on TV3.
TV3 CEO David McRedmond has given his reaction to The Pat Kenny Show here on Newstalk.
Managing Director of of TV with UTV, Michael Wilson outlines the kind of content people can expect.
UTV has also said they will produce a nightly Irish news programme and the station should be up and running by 2015, pending the go ahead from the Broadcasting Authority of Ireland.
Group Chief Executive with UTV is John McCann.
The Communications Minister Pat Rabbitte has welcomed the decision. He says Ireland is a tough media market, but he is sure TV3 are confident of their "niche".
The new channel will be based in Dublin with a newsgathering and reporting presence also in Cork, Galway, Waterford and Limerick.
Main Image: UTV