ITV odds-on to buy TV3 stake

Bookie Paddy Power has made ITV the odds-on 1/3 favourite to buy the Canwest stake in TV3.

Paddy Power has opened betting following the news that Canadian company Canwest will sell its 45% stake in TV3 in an attempt to reduce its debts.

A London-based investment house has been given the task of finding potential buyers, but it is understood ITV has pre-emption rights to the Canwest stake, making it the favourite to seal the deal.

Other potential buyers include a consortium consisting of James Morris, Paul McGuinness and Dermot Desmond at odds of 7/2 and Sky at 6/1.

The less likely candidates on Paddy Power’s list include RTÉat 33/1, with Gráinne Seoige at long odds of 1000/1!

Paddy Power said: “Three is the magic number, or so they keep telling us, so why not a three-man consortium? If it does go to ITV, then RTÉ had better watch out.”