UPC Ireland to Purchase TV3

DUBLIN: Liberty Global's UPC Ireland has entered into an agreement with Doughty Hanson to acquire the commercial broadcaster TV3.

The purchase price is 80 million euros ($87 million), with an additional contingent consideration of up to 7 million euros ($7.8 million) payable based on TV3 reaching certain targets. Once the acquisition is complete, TV3 will become part of the Liberty Global family. TV3 operates two free-to-air channels: the flagship TV3 and the youth-skewed 3e. It also has TV3+1 on UPC and SKY, as well as 3Player, which is the most widely distributed VOD platform in Ireland.

Magnus Ternsjö, the CEO of UPC Ireland, said: “We’re pleased to welcome TV3 to the Liberty Global family. The investment we are making today secures the long-term future of TV3. With its wide range of homegrown 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, added: “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. We wish TV3 and Liberty Global every success in the future.”