TV3 close to naming buyer for 45% stake

TV3 has said the search for a buyer of the 45% of the company put up for sale by Canadian media group CanWest earlier this year is in “the final stages”.

The broadcaster confirmed there are three bidders in the frame to gain co-control of the station, in which ITV also holds a 45% stake.

The final formal bid deadline passed last month. Setanta Sports and BSkyB pulled out of proceedings prior to the final round.

UTV, which is believed to be up against two private equity firms in the form of Doughty Hanson and Veronis Suhler Stevenson for the shareholding, yesterday declined to comment on its perceived status as favourite to win the bidding battle.

The three current bids value TV3 at an estimated €261.8 million. It is thought a preferred bidder could be selected by the end of this week.

It is also possible ITV will have a say in the ownership shake-up.

The British broadcaster has a shareholder agreement with CanWest, which effectively gives it first refusal — or at least the opportunity to match or better any declared preferred bid.

If ITV turns down this offer, it reportedly must exit TV3 totally — a move which would give the new shareholder the chance to gain 90% control of the Ballymount-based broadcaster.

If the UTV bid is successful, it would effectively get an all-Ireland television operation, which it has been keen on for some time.