Inside Project Evergreen: TV3
TV3's majority owner is private equity giant Doughty Hanson, which bought it for €265m in 2006 in a deal partly financed by Anglo. Doughty Hanson operates the station, and its sister channel 3E, through an Irish subsidiary called Tullamore Beta, which owed about €60m to IBRC at the end of 2012. The company paid a hefty €8.4m interest bill that year on its borrowings, which also include other large loans from its parent, pushing annual losses in 2012 to €7m.
Doughty Hanson is expected to bid on the loans, but Northern Irish rival UTV, which plans to launch its own Republic-only station in 2015, is also rumoured to be interested.