Exceptional gain puts TV3 in profit

An exceptional gain from the buyback of its former Anglo Irish Bank debt, resulted in TV3 recording a net profit of just over €7.4m last year.

New accounts for the Ballymount-based broadcaster’s holding company, Tullamore Alpha, show a net profit of €7.44m was recorded for 2013, compared to a loss of just over €1.06m for the prior year.

The difference was an exceptional gain of €8.9m from the buyback of TV3’s debt through the IBRC liquidation process. TV3, reportedly, had borrowings from IBRC of over €100m and the channel’s ultimate owner, private equity group, Doughty Hanson bought the loan from the bank’s special liquidators, KPMG at auction.