CanWest, the Canadian media firm which owns 45% of TV3, has initiated a process by which it will sell its shareholding.
A spokesperson for CanWest says that staff in Dublin were informed about the process today.
At its AGM last week, CanWest's CEO Leonard Asper indicated that a reduction in corporate debt remained a high priority for the group. He said this might involve the divestitude of assets 'no longer strategic to the company'. This evening the CanWest spokesperson said that TV3 is part of that process.
Within the last two years, CanWest has sold its 30% shareholding in UTV in Northern Ireland.
CanWest has appointed Hawkpoint Partners, a boutique investment bank in London, to handle the process.
There is no price tag on TV3. The CanWest spokesman said that the price will be a matter for negotiation with the potential buyer.
TV3's other shareholders are Granada TV (45%) and Windmill Lane.
