Ulster Television Plc (UTV) has today announced that it has written to the Board of SMG Plc to say that it will no longer be continuing with its merger proposal with them.

In a statement the board of UTV cited the interim results of SMG announced on 13th September and the “continuing weakness in the advertising market faced by the ITV network,” as being amongst its reasons for its decision.

SMG’s interim results revealed a 4% drop in underlying operating profit.

Despite the letter UTV has reserved the right to announce and offer for SMG within the next six months.