International law firm, Richards Butler is pleased to announce its role in advising ITV plc on the sale of TV3 Television Network (“TV3”) to private equity firm, Doughty Hanson. ITV holds its interest in TV3 as a 45% stake in CanWest Granada Media Holdings Limited (“CGMH”) which is the Irish holding company of Ireland’s TV3.

The sale is representative 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 is continuing 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.

Philip Taylor, Partner and Head of the Corporate Practice at Richards Butler commented:
“We are pleased to have advised an important client on this significant transaction. The existence of ITV’s pre-emption rights created some interesting deal dynamics. Our instructions on this highlight the firm’s highly-rated expertise in the media sector, which will be further enhanced with the addition of Reed Smith’s prominent US media practice, when the merger takes effect on the 1st January 2007.”

The team from Richards Butler advising ITV plc was led by Partner Philip Taylor.