Losses widen for TV3 owners
Tullamore Beta Ltd – the company established to specifically run the broadcaster and its sister television channel, 3e; after British private equity house Doughty Hanson bought the business four years ago – saw total losses for 2009 increase to just under €165.3m from just under €104m in 2008.
The company’s operating loss more than doubled to €135.3m; while turnover declined from €62.4m to €54.3m.
The impairment charge of €118.7m was up from a charge of €53.8m in 2008. “Goodwill arose on the acquisition of TV3 Television Networks Ltd and Channel 6 Broadcasting Ltd.
The major downturn in the Irish economy has resulted in the group recognising impairment losses of €118.7m in the year.
These losses arise from the impairment reviews of the group’s income generating units, the company said in its accounts.
Tullamore’s latest accounts show the goodwill value of TV3/3e amounted to just under €21m as of the end of last December, having previously amounted to €155.7m at the end of the previous year.
A spokesperson for the company said the rise in the charge, resulting from the annual impairment review, had nothing to do with bad debt charges.
Separately, TV3’s turnover fell by 16%, last year, to €51.7m, when measured as a sole entity, while 3e’s remained flat at €2.5m.
Meanwhile, TV3’s ultimate owner Doughty Hanson – which was also recently in the frame to buy the EBS Building Society – announced yesterday that it has reached agreement to buy Vue Entertainment, the third largest cinema chain in Britain which also has a presence in Ireland through its ownership of the cinema complex at Liffey Valley in Dublin.
