Shares in UTV Media took a hit yesterday - falling by 8.7 percent after the broadcaster issued its second profit warning in two months.

This is on the back of weaker than expected performance from its new Irish television operation, UTV Ireland.

Yahoo Finance

In an unscheduled trading update, the company said it now expects to lose £11.5m - or over €16m - that’s up from a projected loss of £6m which it forecast in March.

UTV said that audience growth has "stalled in the last month" and that it is now expecting no significant improvement in overall audience levels during the second half of 2015.

Elsewhere in the Irish media, Irish Independent reports that Liberty Global has entered into exclusive talks to buy TV3.

Liberty Global is the parent company of UPC, one of Ireland's biggest TV, phone and internet service providers.