Regulators approve TV3 sale to Virgin Media
8 December 2015 | 0
Virgin Media Ireland, formerly UPC, has received approval of its acquisition of TV3 from the Dept of Energy, Communication & Natural Resources, the Broadcasting Authority of Ireland and the Competition & Consumer Protection Commission. The broadcaster was sold to British private equity group Doughty Hanson.
The deal marks the second significant content play by a telco, following eir’s purchase of Setanta Sports Ireland.
“Ireland is an important growth market for Virgin Media and this transaction represents our company’s first entry into the free-to-air broadcasting sector. This acquisition also secures TV3’s long term future and provides it with a strategic partner to build on its success both in Ireland and internationally,” said Tony Hanway, CEO of Virgin Media Ireland.
It was also announced that TV3 CEO David McRedmond will be leaving his position at the end of the year.
“With TV3’s future now secure, David McRedmond has decided to leave the business by year end to pursue other opportunities. While I am sorry to lose David from TV3 he leaves with our best wishes. Under his leadership TV3 has transformed the Irish broadcasting landscape, introducing real competition, innovating with high quality Irish programming and delivering profitable growth. David has built a first-class team in TV3 and I look forward to working with them for the next phase of growth for TV3 and Virgin Media.”
David McRedmond added: “TV3 has consistently punched above its weight to compete in the Irish market and with the backing of the world’s largest international cable company, TV3 can now achieve its full potential. This is the right time for new leadership to take the reins.”
Doughty Hanson purchased TV3 in 2006 for €265 million.