WINNIPEG – Irish broadcaster TV3 co-owner Granada Media Group Limited has agreed to waive its pre-emption right and sell its securities of CanWest Granada Media Holdings Limited (CGMH), which owns and operates the TV3 television network in Ireland, to funds managed by Doughty Hanson & Co.
The transaction is currently expected to be completed on or about August 31, 2006.
CanWest had previously announced the sale of CGMH and its Irish sales arm, CanWest Ireland Sales Limited, for an aggregate price of (euro)265.0 million (approximately C$382.8 million at current foreign currency exchange rates, subject to certain customary price adjustments based upon the companies’ financial positions at the completion date). CanWest owns 45% of CGMH and 100% of CanWest Ireland Sales Limited. CanWest expects to receive approximately (euro)133.4 million (approximately C$192.7 million at current foreign currency exchange rates) of the (euro)265 million sale proceeds (before adjustments), which upon completion of the transaction will be used to reduce debt and further strengthen CanWest’s financial position.
