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Saturday 10 December 2016

Private equity giant is tipped for TV3 buyout

Media

Buyout fund Carlyle is reported to be eyeing up a possible takeover offer for TV3.

US based Carlyle is an active player in the market, having teamed up with Irish fund Cardinal for a number of recent deals here, including the acquisition of Carroll Cuisine.

The US private equity giant is now tipped as a possible buyer of TV3 from Doughty Hanson, a rival private equity firm that currently owns the Irish broadcaster of TV3, the recently launched TV3+1 and 3e.

It is understood the two companies have discussed a potential deal, though any transaction is uncertain and could be some way off. Sky News said Carlyle was one of a number of firms to have held talks with Doughty Hanson.

Liberty Global, which owns UPC, has also been tipped as a possible buyer and bid speculation may now flush out other potential challengers.

US media giant Viacom, whose brands include MTV, Comedy Central and Nickelodeon, was said to interested at one point, but is no longer in the running.

Carlyle Group is one of the world's biggest investment firms with close to $200bn in assets under its control.

Doughty Hanson has owned TV3 since 2006 but speculation about the future of its stake in the station has mounted after an announcement this week by the European private equity firm that it was to drop a fundraising effort aimed at raising cash to buy companies, and would instead focus on its remaining portfolio.

"As a result of the continuing uncertainty for both employees and investors regarding the fund raising process, the decision has been taken by the Board of Doughty Hanson to no longer pursue its current fund raising efforts," the company said.

The firm had been trying to raise capital for its sixth fund, but will now try to "maximise the value" of its remaining companies.

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