TVC Holdings, a firm listed in both Ireland and London, has sold off 7.6 million of its shares in Northern Ireland-based broadcasting network UTV. The exit deal is valued at €22.1 million, according to Independent.

The deal cuts TVC's holding in the broadcaster from 18% to 10.05%. The investment firm's remaining stake is worth around €29.2 million, the report detailed.

TVC is currently headed by entrepreneur Shane Reihill. According to Reihill, the transaction allowed the company to recover the original cost of its initial investment in the broadcasting group. In 2008, the firm poured €27.3 million into UTV to acquire an 18% stake. Formerly called Trinity Venture Capital, TVC also owns part of banking software provider CR2 and Dalata Hotel Group, the report explained.

Last year, UTV announced its plans to begin a standalone TV station in the country on 2015. The project will derive most of its content from UK-based broadcasting firm ITV, Independent reported.