LONDON (Brand Republic) – Granada Media has acquired a 45% stake in TV3, the Republic of Ireland’s commercial broadcaster, for £18.7m from Canadian group CanWest Global.
Granada will combine its shares in a new joint-venture company, together with CanWest Global’s remaining 45% stake and a consortium including TV3’s chairman James Morris.
The agreement will allow TV3 to broadcast popular Granada programmes such as Coronation Street and Emmerdale, which would boost the broadcaster’s audience and advertising share. Coronation Street is currently broadcast on RTE, Ireland’s state-owned broadcaster.
The move is the first step in Granada’s planned expansion into Europe, following its acquisition of United News & Media’s television assets. The deal also provides Granada with an alliance with CanWest, which owns a 30% stake in Ulster Television, one of the country’s few remaining independent ITV franchises.
The deal is subject to approval from the Irish regulator, the Independent Radio & Television Commission.