Virgin Media Ireland completes TV3 takeover
Quad play provider Virgin Media closes deal for commercial broadcaster
Virgin Media Ireland has closed the deal to acquire commercial broadcaster TV3, completing the move was first announced earlier in 2015.
The deal, which could total up to €87 million, was given clearance by the Competition and Consumer Protection Commission, the Department of Communications, Energy and Natural Resources, and the Broadcast Authority of Ireland.
With the future of the Group secured, the CEO of TV3 David McRedmond had decided to leave the firm by the end of the year to fulfil other opportunities.
Focusing on a key growth market
Tony Hanway, the new CEO of Virgin Media Ireland said the firm was glad to be able to welcome TV3 to its ranks, before adding that Ireland is viewed an “important growth market”.
The move represents Virgin Media Ireland’s first entry into free-to-air broadcasting and also safeguards TV3’s long term future.
Mr Hanway added that he was sorry to see Mr McRedmond leave the business, but added he does so “with our best wishes”.
He explained that TV3 has helped to introduce competition into the market while also providing high quality Irish programming.
“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,” Mr Hanway added.
Achieving full potential
Mr McRedmond added that he was delighted to see the sale finally completed, adding that TV3 has “consistently punched above its weight to compete in the Irish market”.
He added that the link with Virgin Media Ireland will now mean TV3 is capable of achieving its full potential.
Describing it as the right time for new leadership, he also thanked departing investors Doughty Hanson for their support and professionalism.
TV3 operates two free to air channels – the eponymously named TV3 and 3e – as well as running a TV3+1 channel and 3player, an on-demand digital video platform.