ITV sells stake in MUTV to Manchester United

LONDON Fri Nov 16, 2007 11:38am EST

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LONDON Nov 16 (Reuters) - ITV Plc (ITV.L), Britain's largest free-to-air commercial broadcaster, said it had sold its one-third share in Manchester United Television (MUTV) to the soccer club for 3.3 million pounds ($6.7 million) in cash.

"This is another step in ITV's ongoing non-core asset disposal programme, which has seen us successfully raise over 500 million pounds since the merger in 2004," said Tom Betts, Commercial and Acquisitions Director at ITV, in a statement on Friday.

"We leave MUTV in great shape and wish them every ongoing success for the future," Betts added.

Manchester United now owns two-thirds of MUTV, while satellite pay-TV company BSkyB (BSY.L) owns the other third. (Reporting by Mike Elliott; Editing by xxxxxx)

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