TV3 is to be sold to UPC, pending regulatory approval.
UPC has announced it is purchasing the television station from Doughty Hanson for €80m.
The telecoms company, a wholly-owned subsidiary of Liberty Global plc , also said it will pay an additional €7m if the station hits certain targets.
The deal will have to be approved by the Competition and Consumer Protection Commission, as well as the Government, before it can be finalised.
TV3 operates two free-to-air channels, the flagship TV3 channel and the youth-oriented 3e.
In addition, it has TV3+1 on UPC and SKY, and 3PLAYER, and video-on-demand platform 3PLAYER.
TV3 is the most watched channel in Ireland after public broadcaster RTÉ1 with an audience share of 12%.
Magnus Ternsjö, CEO of UPC Ireland, said: “"We’re pleased to welcome TV3 to the Liberty Global family.
"The investment we are making today secures the long-term future of TV3.
"With its wide range of home-grown programming, TV3 holds a unique place in the heart of Irish viewers. This is a terrific addition to the TV service we offer - which is already the best in Ireland."
Christopher Fielding, a principal at Doughty Hanson, said: "We are pleased that our investment in TV3 has come to this successful conclusion.
"David McRedmond and his team have ably steered TV3 through the recession and with our support, grown it for five consecutive years.
"We wish TV3 and Liberty Global every success in the future."