UTV Media is looking for growth this year and it would be going in for "small-bolt acquisition" method for getting that.

John McCann, Chief Executive of the company said that through small acquisitions, like it did in case of Sports magazine, UTV will expand itself.

However, the pay freeze will continue during this year as well since the company is looking to have greater 'breathing space' besides getting more 'operational flexibility.'

Johan further added that the Belfast-based group was in talks with several banks to raise funds. But, he said, that the banks are going through tight credit position and so they are looking for other options as well.

The media group had taken over the loss making Sports magazine in May last year for a very small amount. And because of this it faced a loss of £300,000 in 2009 before showing revenue of £1.8 million from it. It has now become profitable.

The ratios too are in support of the company. The net debt to earnings before interest, depreciation and amortization ratio of the company is 3.44 times.