TV3 Buys C6

The Irish Examiner reports that TV3 has reached an initial agreement to purchase Channel 6 for a sum of money thought to be around the €10 million mark pending final approval from the Broadcasting Commission of Ireland. If there are no hiccups the deal will be closed by the end of September.

Steven Bone, a senior principal with Doughty Hanson--the private equity company which owns TV3--added that the deal is "a highly attractive acquisition for TV3, which will add real value to the group, significantly enhancing its competitive advantage and strengthening its ability to benefit from future growth in the market."

TV3 yesterday said that it was too early to suggest what kind of investment would be put into Channel 6 in the short-to-medium term.

It is also unclear whether the Channel 6 name will be retained.