Doughty offloads TV3 for €80m

An additional €7m consideration is payable if TV3 hits certain targets.

Following the deal, TV3 has become part of Liberty Global. UPC has wholly acquired the business, which carries debt of €45m held by Ulster Bank and Bluebay Asset Management.

Previous investment
TV3 first received private equity backing in 1998, when ACT Venture Capital acquired a 35% stake in the business to support its creation.

In September 2006, Doughty Hanson purchased the company in a deal worth €265m. According to unquote" data, the GP invested €140m and the balance was supplied by Anglo Irish Bank.

Company
TV3 operates two Irish free-to-air television channels, TV3 and 3e. In addition, it offers TV3+1 and on-demand service 3Player. TV3 recorded an audience share of 12%, making it the second most popular channel in the country.

The company was founded in 1998, marking the last free-to-air channel to be launched in Europe. The business is based in Dublin and employs 400 people.

Last year, the business recorded EBITDA of €8.6m on revenues of €56m.

People
Magnus Ternsjo is CEO of UPC Ireland. Christopher Fielding is a principal at Doughty Hanson. David McRedmond is CEO of TV3.

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