Broadcaster ITV (LON:ITV) is buying Northern Ireland peer UTV Ltd (LON:UTV) for £100mln, tightening its grip over the British channel three network.
ITV said the deal, funded through its existing cash and debt, would strengthen its free-to-air business in the UK and allow it to improve efficiency.
On completion, the combined group will own 13 of the 15 regional licences for the third channel.
It said the merged business would benefit from ITV's continued investment in programming, its advertising sales team and broadcast infrastructure.
UTV Ltd owns the TV assets of UTV Media plc and also holds all of UTV Ireland, which launched a dedicated channel for the Republic of Ireland on January 1.
ITV said it intended to strengthen UTV Ireland further with high-quality ITV programming at its core.
Chief executive Adam Crozier said: "We have a long-standing relationship with UTV, which has been the leading commercial broadcaster in Northern Ireland for many years thanks to its strong regional identity and blend of excellent local programming and strong network shows."
The deal excludes UTV Media plc's radio businesses UTV Radio GB and UTV Radio Ireland, and its digital media businesses, Simply Zesty and Tibus Digital.