UPC to buy TV3 in deal worth up to €87m
UPC has agreed terms to buy TV3 in a deal worth up to €87m.
The deal, which had been expected, sees UPC pay €80m to TV3’s private equity owners Doughty Hanson. UPC will pay an additional €7m if TV3 hits certain performance targets.
UPC is owned by Liberty Global, the media conglomerate controlled by Irish American John Malone.
UPC Ireland chief executive Magnus Ternsjö, 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 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. TV3 chief executive 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.”
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.