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Liberty’s UPC to buy TV3 Ireland

UPC Ireland, the firm owned by US cable giant Liberty Global, is buying commercial broadcaster TV3 Ireland in a deal worth up to €87m (US$96m).

TV3 airs new soap Red Rock

TV3 airs new soap Red Rock

Dublin-based TV3 was put up for sale earlier this year by British private equity group Doughty Hanson, which paid €265m for the business in 2006.

Liberty Global, owned by John Malone, could make an additional payment of up to €7m if TV3 hits performance targets.

“We’re pleased to welcome TV3 to the Liberty Global family,” said UPC Ireland CEO Magnus Ternsjö. “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 hearts of Irish viewers.”

TV3 is the largest commercial broadcaster in Ireland and airs series such as new soap Red Rock and a local version of UK format Gogglebox.

The company operates free-to-air channels TV3 and 3e as well as on-demand service 3Player. It also has the Irish rights to the forthcoming Rugby World Cup and Champions League football.

But its loss of key soap operas Coronation Street and Emmerdale to newcomer UTV Ireland at the beginning of this year hit its market share significantly, and it is understood Doughty will not recoup the money it paid for the company.

Liberty has a small stake in UK broadcaster ITV and is considered one of the frontrunners to ultimately buy out that company.

TV3 CEO David McRedmond added: “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.”

UPC Ireland, which is part of Liberty’s UK subsidiary Virgin Media, last year acquired Irish wifi provider Bitbuzz for an undisclosed sum.

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