The sale is being carried out by ITV Network Limited, in which ITV owns a 90.1% share.
Arqiva now owns all of JFMG, providing access to radio spectrum that is used to provide mobility in broadcast production, for example through the use of wireless equipment, entertainment and related activities.
The disposal is a further example of ITV's plan to dispose of non-core assets. In 2007, ITV sold its 50% share in its broadband joint venture with Arsenal football club to US millionaire Stan Kroenke for £23m.
Last March, it sold its 50% share in Liverpool FC's website for £15.8m to the club and in April, sold Carlton Screen Advertising, the UK's largest cinema advertising sales house, to a joint venture between Cineworld and Odeon Cinemas for £500,000 in cash.
ITV still intends to sell several property interests and US cinema ad company Screenvision US. An update on all non-core asset disposals is expected on 4 March, when ITV will announce its latest results and plans to the marketplace.
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