A spokesperson for UTV Media has confirmed that the group’s TV operations north and south of the border are being sold to ITV.

There has been speculation of whether the Irish station which has reported lower than expected figures since launching on January 1st of this year.

A UTV spokesperson said, "I can confirm that our TV assets include both UTV and UTV Ireland - talks have always been about the sale of both TV channels."

It’s reported the deal, which could be valued at up to £125m, is likely to be signed off this week. 

The group’s share price closed more than 5% higher yesterday at 172p in London in anticipation of a deal.

The transaction will leave UTV as the owner of radio stations on both sides of the border and the Irish Sea.

It has eight stations in the Republic including Q102, FM104 and 96FM in Cork.