TV3 is to be sold to broadband and TV provided UPC for €80m.

On completion of the acquisition, TV3 will become part of Liberty Global, an international telecommunications and television company which aslo owns Virgin Media in the UK.

The deal includes an additional contingent consideration of up to €7 million payable based on TV3 hitting certain targets. 

This acquisition will be subject to regulatory approval from the Competition and Consumer Protection Commission and a separate media plurality test by the Irish Government. Liberty Global expect the transaction to be cleared in the coming months.

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."

Laura Slattery Business Journalist with the Irish Times says it remains to be seen if the deal will change the style of TV3: