UPC confirms acquisition of TV3 in deal worth up to €87 million
UPC to acquire commercial broadcaster TV3 in multi million euro deal
UPC Ireland announced it is to acquire TV3 in a deal worth €80 million, with an additional €7 million payable based on TV3 hitting certain targets.
UPC, which is owned by Liberty Global, has agreed with private equity group Doughty Hanson to acquire TV3. Doughty Hanson bought the company in 2006 for €265 million.
The broadcaster operates two free-to-air channels, the flagship TV3 channel and 3e. In addition, it has TV3+1 on UPC and Sky, and 3player, the most widely distributed video-on-demand platform in the country.
TV3 is the number one channel in Ireland after public broadcaster RTÉ1 with an audience share of 12%.
Magnus Ternsjö, CEO of UPC Ireland, said UPC is pleased to welcome TV3 to the Liberty Global family and the deal would secure the long term future of the broadcaster.
This acquisition will be subject to regulatory approval from the Competition and Consumer Protection Commission and a separate media plurality test by the Irish Government. It is expected the transaction will be cleared in the coming months.