Virgin Media closes deal to acquire TV3
David McRedmond to leave TV3 by year end
Dublin, Ireland - December 7, 2015: Virgin Media Ireland, the leading connected entertainment provider today completed its acquisition of TV3, the leading commercial broadcaster in Ireland.
Tony Hanway, CEO of Virgin Media Ireland commented: “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.”
“With TV3’s future now secure, David McRedmond has decided to leave the business by year end to pursue other opportunities. 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.”
David McRedmond, CEO of TV3 Group said: “I am delighted that this sale is now completed. TV3 has consistently punched above its weight to compete in the Irish market and with the backing of the world’s largest international cable company, TV3 can now achieve its full potential. This is the right time for new leadership to take the reins. I have enjoyed every day at TV3 working with such a talented, creative and friendly team. I want to thank TV3’s departing investors Doughty Hanson for their professionalism, loyalty and support particularly during the recession. Liberty Global through Virgin Media is a world-class owner for the business and I wish them every success”.
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.
Anna Maria Barry, Virgin Media, mobile 086 227 2072, email email@example.com
About Virgin Media
Virgin Media is Ireland’s leading digital pioneer and innovator. It was the first to introduce bundles for digital TV, broadband and phone in Ireland in 2007 and has driven market developments constantly since then. Owned by Liberty Global, the company has invested over €1 Billion in Ireland over the past decade.
Virgin Media is a part of Liberty Global plc, the world’s largest international cable company. Together Virgin Media and Liberty Global serve 27 million customers across 14 countries, helping connect people to the digital world and enabling them to discover and experience its endless possibilities.
TV3 is Ireland’s leading commercial broadcaster operating two free-to-air channels and a digital platform. TV3 group is now wholly owned by Virgin Media Ireland Limited. Virgin Media is part of Liberty Global plc, the largest international cable company with operations in 14 countries.
TV3 Group commands a 12% share in Ireland for Adults 15+. The group reaches over 2.7 million individuals each week and 3.5 million individuals each month.
TV3 Group continues to differentiate itself through an emphasis on Irish and home produced programming, and in 2015 more than 50% of its schedule is home produced.
TV3 employs over 250 people fulltime and a further 130 people on its new soap drama ‘Red Rock’ which was launched in January 2015.