CanWest Global will form a new joint venture with u.k.-based producer/broadcaster Granada Media and a consortium of international players to hold their combined stake in Ireland’s national broadcaster TV3.

Granada has taken 45% equity in TV3, in which CanWest retains a 45% equity share, for a total of $62.2 million, bringing TV3’s total value to $138 million.

Subsequently, CanWest and Granada together with TV3 founders, a consortium consisting of Windmill Lane Pictures, Osmond Kilkenny, Paul McGuinness and James Morris, have formed a joint venture to hold their combined interests in TV3. Morris, the current chairman of TV3, will serve as chairman of the joint venture.

‘The value of our investment in TV3 is enhanced substantially as a result of [the Granada] transaction,’ says Geoffrey Elliot, CanWest’s vp, corporate affairs.

The deal includes a long-term program supply agreement for TV3, which includes moving such top-rated programs as Coronation Street, Cracker, Cold Feet and Emmerdale from rte, the national state broadcaster, to TV3 beginning Jan. 1, 2001.

‘To move the most popular programs onto TV3 will have a direct bearing on revenue base,’ says Elliot.

TV3, Ireland’s only independent free-to-air channel, was launched in September 1998. Since then it has grown its share of the television audience in the Republic of Ireland to more than 9%. *

Samantha Yaffe

-www.canwestglobal.com