Ulster Television today confirmed it is in talks to buy Britain's Wireless Group.
ITV is understood to be holding discussions over a bid that values the broadcaster, owner of the TalkSport radio station, at more than £100 million.
Wireless Group chief executive Kelvin MacKenzie is attempting to put together a management buyout that values the company at £100 million, or 90p a share.
UTV owns a number of commercial radio stations in the Republic, with stations in Dublin, Cork, Limerick, Drogheda and Dundalk.
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"The independent directors (of Wireless Group) confirm that they have granted a period of exclusivity to Ulster Television while these exploratory talks take place," Wireless Group said in a statement.