Liberty Global subsidiary UPC Ireland has agreed to acquire TV3 for €80m from private equity group Doughty Hanson.
UPC Ireland will pay an additional contingent amount of €7m payable based on TV3 hitting certain targets.
On completion of the acquisition, TV3 will become part of Liberty Global.
TV3 is the number one channel in Ireland after public broadcaster RTÉ1 with an audience share of 12pc. In 2014, the TV3 Group achieved its best set of operating results since 2008.
Magnus Ternsjö, CEO of UPC Ireland, said: “The investment we are making today secures the long-term future of TV3. With its wide range of home-grown programming, TV3 holds a unique place in the heart of Irish viewers. This is a terrific addition to the TV service we offer.”
This acquisition will be subject to regulatory approval from the Competition and Consumer Protection Commission and a separate media plurality test by the Irish Government.
Doughty Hanson bought TV3 for €265m in 2006.