TV and internet provider UPC is set to buy TV3 in a deal that is estimated to be worth €80 million.
UPC's parent company, Liberty Global, will add TV3 to their portfolio, which already includes Virgin Media in the UK. The deal to purchase the TV station is believed to be worth €80 million, with a further €7 million if they achieve certain targets.
Speaking about the takeover, CEO of UPC Ireland 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...this is a terrific addition to the TV service we offer - which is already the best in Ireland".
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."
The deal is subject to approval by the Competition and Consumer Protection Commission, but it is expected to go through without much trouble.