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UTV PLC (UTV)

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Thursday 16 August, 2007

UTV PLC

Scheme of Arrangement


                        UTV plc ("UTV" or "the Group")                         

                     Implementation of new parent company                      

The Board of UTV announces that it proposes to implement a corporate
reorganisation under which a new listed company, UTV Media plc, will be
introduced as the ultimate holding company of the Group. The reorganisation is
proposed to be effected by way of a scheme of arrangement ("the Scheme") under
Article 418 of the Companies Order, through which UTV Media plc will own the
entire issued share capital of UTV and be listed on the Official Lists of the
London Stock Exchange and Irish Stock Exchange. Under the process, UTV
shareholders will receive one new share in UTV Media plc for every share they
own in UTV, following which UTV shares will be delisted.

The effect of the Scheme will be that UTV plc Shareholders will exchange their
interest in UTV plc Shares for an equivalent proportionate interest in UTV
Media plc and their proportionate interests in the profits, net assets and
dividends of the Group will not be affected by reason of the implementation of
the Scheme.

The key effects of the proposed reorganisation, which will not result in any
disruption to the company's day-to-day commercial operations, are as follows:

  * The Group will have a new parent company incorporated as UTV Media plc;
   
  * the Group's corporate structure will be more closely aligned to internal
    management and reporting functions; and
   
  * the radio, television and new media businesses will become subsidiaries of
    UTV Media plc.
   
The Board of UTV announces that shareholders will be sent a prospectus, in the
next few weeks, incorporating a circular setting out in full the details of the
proposed Scheme. The Scheme is subject to and conditional upon, inter alia,
shareholder approval at a Court meeting and an extraordinary general meeting,
both of which will be held in September 2007 and on the sanction of the High
Court. It is anticipated that dealings in the shares in UTV Media plc will
commence in October 2007.

Enquiries:

UTV                                                                            
                                                                               
John McCann, Group Chief Executive                     Tel: +44 (0)28 9026 2202
                                                                               
Paul O'Brien, Group Finance Director                   Tel: +44 (0)28 9026 2098
                                                                               
Numis Securities Limited                                                       
                                                                               
Jag Mundi, Head of Corporate Finance                   Tel: +44 (0)20 7260 1000