ITV Agrees Sale of Stake In TV3

ITV has agreed to sell its stake in the Irish commercial broadcaster TV3 for £70 million as part of its disposal programme of non-core assets.

The sale, which has been anticipated for some time, sees the broadcasters 45% stake go to private equity firm Doughty Hanson, which made a previous bid for TV3 in May after buying out the Irish channel’s other shareholders.

ITV said that the transaction is currently expected to be completed on or about 31 August and is subject to regulatory approval.

The money ITV receives from the sale will be put towards its programme of paying back £500 million to shareholders.

Since the merger which created ITV plc in 2004, ITV has made almost £500 million from its disposal of non-core assets.

In a statement, ITV said that it will continue to focus on its core UK broadcasting operation and on growing its revenues outside of ITV1.

ITV: 020 7843 8000 www.itv.com