WINNIPEG – CanWest Global completed the sale of its 45% interest in Irish broadcaster TV3 today.
Officially, it sold "CanWest Granada Media Holdings Limited, which owns and operates the TV3 television network in Ireland, and its 100% interest in TV3’s Irish sales arm, CanWest Ireland Sales Limited, to funds managed by Doughty Hanson & Co. CanWest received aggregate cash (subject to certain post-completion financial adjustments) of approximately (euro)132 million (approximately C$188 million) from the sale," says the release.
"We would like to thank our fellow shareholders – Granada Media Group, James Morris, Paul McGuiness and Ozzie Kilkenny – for their support over the past eight years. We also owe a debt of gratitude to the management and staff of TV3, who have built TV3 into the successful television operation that it is today," said Tom Strike, president of CanWest MediaWorks International. "We have every confidence that TV3 will continue as one of Ireland’s pre-eminent free-to-air television networks under its new owner."
"Completion of this transaction is another important step in CanWest’s ongoing program to reduce debt, enhance financial flexibility and invest in growing our existing core operations," said CanWest CEO Leonard Asper, in the release.
