UPC Ireland has entered into an agreement with Doughty Hanson to acquire TV3 for €80 million with an additional contingent consideration of up to €7 million payable based on the broadcaster hitting certain targets.
TV3 operates two free-to-air channels: the flagship TV3 channel and the youth-oriented 3e. In addition, it has TV3+1 on UPC and SKY, and the 3Player video-on-demand platform.
TV3 has a 12% audience share in Ireland, second placed behind RTE One.
This year, TV3 launched a new schedule, including the soap Red Rock, which has been viewed by 2.3 million people.
Magnus Ternsjö, CEO, UPC Ireland (pictured), said: “The investment we are making today secures the long-term future of TV3. With its wide range of home-grown programming, TV3 holds a unique place in the heart of Irish viewers. This is a terrific addition to the TV service we offer – which is already the best in Ireland.”
Christopher Fielding, a principal at Doughty Hanson, said: “We are pleased that our investment in TV3 has come to this successful conclusion. David McRedmond and his team have ably steered TV3 through the recession and with our support, grown it for five consecutive years.”
This acquisition will be subject to regulatory approval from the Competition and Consumer Protection Commission and a separate media plurality test.
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