(Reuters) - Northern Ireland broadcaster UTV Media Plc (>> UTV Media plc) said it would return about 55 million pounds ($79 million) to shareholders after the sale of its television unit to ITV Plc (>> ITV plc).

The deal, which is expected to complete by the end of March, will result in net cash proceeds of 98 million pounds, UTV said in a statement.

The company said it would return 50.8 million pounds through the issue of B-class shares, with the rest given to shareholders via a special dividend.

(Reporting by Mamidipudi Soumithri in Bengaluru; Editing by Sunil Nair)

Stocks treated in this article : ITV plc, UTV Media plc