British commercial broadcaster ITV has decided not to take up its option to buy TV3, which means the Irish station will now be sold to European private equity group Doughty Hanson.
The deal, which values TV3 at €265m, was announced in May, but ITV had 90 days in which to decide whether to match the offer.
ITV already owned 45% of TV3. The other shareholders were media group CanWest (45%) and private investors including James Morris, Ossie Kilkenny and U2 manager Paul McGuinness.
The sale process was triggered by CanWest's decision earlier this year to sell its shareholding.
