UTV sells its 50% stake in Propertypal, the property sales website

UTV sold its stake back to the founders of Propertypal

The broadcaster UTV has sold its 50% stake in Propertypal, the property sales website.

UTV bought its share in the business in 2010, describing it as a "strategic investment" that was a "good fit" for the business.

However, it has now sold its stake back to Propertypal, saying it is "no longer core to UTV's digital strategy".

Propertypal was founded in 2007 by Errol Maxwell who continued to act as managing director after the UTV deal.

The site is the main rival to the longer established Propertynews, which is owned by the Independent News & Media Group.