CANWEST AND GRANADA FINALISE TV3 PARTNERSHIP

CANWEST Global Communications have announced that they have finalised a partnership agreement with Granada Media for joint ownership of the Irish television network, TV3, following the receipt of regulatory approval of the transaction from the IRTC.
Under the terms of the agreement, Granada Media and CanWest have both acquired a 45 per cent equity position in TV3. The remaining 10 per cent in non-voting shares is held by the founding consortium of James Morris, Chairman of Windmill Lane Pictures; Osmond Kilkenny, a chartered accountant; and Paul McGuinness, manager of pop band U2. Morris will continue as Chairman of the joint venture.
Through a series of transactions, CanWest has received approximately £30.5 million, which is in excess of their original investment in the start up network.
In September last year, Granada signed a wide-ranging agreement to sell their major programme brands, including ‘Coronation Street’ and ‘Emmerdale,’ to TV3. ‘Coronation Street,’ has now moved from RTE 1, and is broadcast four times a week as are five episodes of ‘Emmerdale’.
TV3, Ireland’s only independent commercial free-to-air channel, was launched in September 1998. Since then it has quickly grown its share of the television audience in the Republic of Ireland. In less than two years TV3 has claimed an audience share of 10 per cent making it one of the most successful channel launches in Western Europe.
Leonard Asper, CanWest’s President and Chief Executive Officer, said: “TV3 has performed beyond our best expectations. In only its third year of operation this remarkable start-up operation has captured a bigger following more quickly than we thought possible. The TV3 partnership is an excellent example of the way CanWest will pursue opportunities for international expansion.”
TV3 have recently just published figures for February 2001 showing that TV3 have achieved its highest-ever monthly viewing figures with a 13 per cent share of adult viewing and a 63 per cent year-on-year increase. (AMcE)