Quayle Munro is pleased to announce that it has advised Doughty Hanson and the Management of TV3 Group, Ireland’s leading commercial television broadcaster, on its sale to Liberty Global.
TV3 operates two free-to-air channels, the flagship TV3 and the youth-oriented 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, and TV3 Group has an audience share of 12 per cent. Liberty Global is the largest international cable company with a market capitalisation of over $42 billion and operations in 14 countries.
David McRedmond, CEO of TV3, said: “TV3 has secured an excellent long-term owner, which will help us to take advantage of the opportunities we see in Ireland and internationally. TV3’s employees have transformed the company from an old-model channel reliant on foreign programming into a contemporary media company originating its own content distributed across multiple platforms. This deal is a great endorsement of TV3’s strategy and team by a leading global company, and is also an expression of confidence in the continuing turnaround in the Irish economy. I want to acknowledge the support and leadership from our current investors, Doughty Hanson, which guided TV3 through the most difficult recession.”
Christopher Fielding, a Principal at Doughty Hanson, said: “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.”
The transaction 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.