GRANADA BUYS 45 PERCENT STAKE IN TV3

GRANADA Media have bought a 45 percent stake in Irish broadcaster TV3 from Canada’s CanWest Global Communications in a cash deal worth £18.7 million.
The purchase will form part of a joint venture with CanWest, which still holds on to a remaining 45 per cent stake in the Irish commercial broadcaster.
As a result of the acquisition Granada have secured an agreement to sell its most successful programmes to TV3, including Emmerdale and Coronation Street, which will switch to TV3 from the Irish state broadcaster RTE at the beginning of 2001.
A spokesperson from Public Affairs at RTE said: “The announcement did not come entirely unexpected, it reflects the enormous changes that are taking place in broadcasting. The consolidation of 90 per cent of the shares in TV3 in international ownership demonstrates the extent to which global commercial considerations impact upon the provision of television services to national audiences. More than ever, it is clear that RTE is the only broadcaster in Ireland whose sole interest is that of its audience.”
The audience gain from the two soaps is expected to lift TV3 from its current position as Ireland’s third most watched channel with a viewer share of just under ten per cent.