The identity of the buyer of the 30% stake has not been revealed, sparking speculation that a takeover bid could be in the offing.
CanWest, Canada's largest publisher of daily newspapers, acquired its interest in UTV in late 1997 as part a strategy to build an Irish media business, which also includes a 45% stake in the Republic's TV3.
The TV3 stake will not be sold because, unlike with Ulster, Canwest has direct management input at the Irish station.
Leonard Asper, president and chief executive officer, said: "The sale of CanWest's shares in UTV is consistent with the previously stated intention of the company to divest non-core, non-strategic assets.
"While valuable in its own right, CanWest's investment in UTV was no longer considered to be of strategic importance in terms of the company's overall media strategy."
As well as major TV and newspaper interests in Canada, where it owns Global Television and the National Post, CanWest also has interests in TV stations in New Zealand, where it has stakes in TV3 and C4, and Australia, where it owns part of Network Ten.
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