TV3 chief leaves after Virgin Media sale

The CEO of TV3 Group is leaving the Irish broadcaster following the completion of its takeover by Liberty Global-owned Virgin Media Ireland.

David McRedmond

Tony Hanway, CEO of Virgin Media Ireland, confirmed that David McRedmond, who has been with TV3 since 2006, had decided to leave the company at the end of the year to “pursue other opportunities.”

Virgin Media Ireland, known as UPC Ireland at the time, announced its acquisition of the Dublin-based commercial broadcaster for €80m (US$87m) in July. The deal was completed on Monday.

TV3 was put up for sale earlier this year by UK 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.

“Ireland is an important growth market for Virgin Media and this transaction represents our company’s first entry into the free-to-air broadcasting sector,” said Hanway.

“This acquisition also secures TV3’s long-term future and provides it with a strategic partner to build on its success both in Ireland and internationally.”