Tony Hanway, CEO, Virgin Media Ireland and David McRedmond, CEO, TV3 Group
The transaction was officially cleared by the Competition and Consumer Protection Commission, the Broadcasting Authority of Ireland and the Department of Communications, Energy and Natural Resources.
Tony Hanway, CEO, Virgin Media Ireland, commented: “Ireland is an important growth market for Virgin Media and this transaction represents our company’s first entry into the free-to-air broadcasting sector. This acquisition also secures TV3’s long term future and provides it with a strategic partner to build on its success both in Ireland and internationally.”
TV3 CEO David McRedmond has decided to leave the business by year-end to pursue other opportunities.
“I am delighted that this sale is now completed. TV3 has consistently punched above its weight to compete in the Irish market and with the backing of the world’s largest international cable company, TV3 can now achieve its full potential. This is the right time for new leadership to take the reins,” said McRedmond.