TV3 is to buy Channel 6 in a deal worth up to €10m, it emerged tonight.
Channel 6 was launched in 2006 and investors included Senator Feargal Quinn and venture capitalists.
TV3, which is now owned by UK-based equity firm Doughty Hanson, said it will fully acquire Channel 6 for an undisclosed sum later this year.
"The acquisition, which is subject to Broadcasting Commission of Ireland approval, is expected to be completed in the third quarter of this year," said a TV3 spokeswoman.
Industry insiders believe that the final cost could be up to €10m.
Targeted at a mostly urban under-35 audience, Channel 6 offers a range of drama, comedy and music programmes including 'Family Guy', 'CSI', 'The Sopranos', 'Sex and the City' and 'Friends'.
Channel 6 founder Michael Murphy said: "We look forward to working with the team at TV3 to build on the strengths of Channel 6 and to further develop the channel as Irish broadcasting enters the digital age."