David McRedmond exits TV3 as Virgin completes deal
Virgin Media Ireland has completed its acquisition of 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.
TV3 was put up for sale by British private equity group Doughty Hanson, which paid €265 million for the business in 2006.
It’s also been confirmed by the broadcaster that TV3 CEO, David McRedmond is to leave the broadcaster by the end of the year after nine years in the role.
“While I am sorry to lose David from TV3 he leaves with our best wishes,” Tony Hanway, CEO of Virgin Media Ireland said.
“Under his leadership TV3 has transformed the Irish broadcasting landscape, introducing real competition, innovating with high quality Irish programming and delivering profitable growth.”
Mr Hanway said the transaction represented Virgin Media’s first entry into the free-to-air broadcasting sector.
“We’re delighted to welcome TV3 to the Virgin Media family. Ireland is an important growth market for Virgin Media. 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.”
Virgin Media plc is a company which provides fixed and mobile telephone, television and broadband internet services to businesses and consumers in the United Kingdom.
