ITV reaches agreement to sell its 45 % stake of TV3 to Doughty Hanson

ITV has announced that it has reached agreement, together with its co-shareholders, for the sale of Irish commercial broadcaster TV3 Television Network (TV3) to Doughty Hanson.
ITV holds its interest in TV3 as a 45% interest in CanWest Granada Media Holdings Limited (CGMH) which is the holding company for TV3. The transaction is currently expected to be completed on or about 31 August, 2006 and is subject to regulatory approval.
ITV will receive cash consideration for its stake in CGMH of approximately £70 million, having elected not to take-up its pre-emption rights in respect of the Irish Broadcaster.
The sale represents a further example of ITV's successful disposal programme of non-core assets which is now approaching £500 million since the merger creating ITV plc in 2004.
ITV will continue to focus on its core UK broadcasting operation and growing its revenues outside ITV1 advertising through developing its UK and international production and distribution businesses and its consumer operations.
The cash received will be used to fund the current programme of returning £500 million to shareholders.
Doughty Hanson & Co is one of Europe's largest independent private equity fund managers.
(DS/SP)