Virgin Media has confirmed its latest acquisition following UPC’s re-branding back in August – Irish TV channel TV3.
The €87m deal for UPC to take over TV3 was announced back in July, undertaken by UPC’s parent company, Liberty Global. Following the UPC re-brand, Virgin Media has finalised the deal and will now take over the running of Ireland’s largest commercial station.
Also announced by Virgin Media was the news that TV3’s CEO, David McRedmond, is to step down at year’s end to pursue other opportunities.
The transaction was cleared by the Competition and Consumer Protection Commission, the Broadcasting Authority of Ireland and the Department of Communications, Energy and Natural Resources.
Tony Hanway, CEO of Virgin Media Ireland, said of the deal’s completion: “We’re delighted to welcome TV3 to the Virgin Media family.
“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. 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.”
Hanway also commented on the McRedmond departure by saying, “While I am sorry to lose David from TV3, he leaves with our best wishes. Under his leadership, TV3 has transformed the Irish broadcasting landscape, introducing real competition, innovating with high-quality Irish programming and delivering profitable growth.
“David has built a first-class team in TV3 and I look forward to working with them for the next phase of growth for TV3 and Virgin Media.”
Apart from McRedmond’s departure, the same deal that UPC agreed to back in July will apply to today’s announcement.