TV3 chief executive David McRedmond is to leave the broadcaster by the end of the year after nine years in the role. He confirmed the move as Virgin Media Ireland completed its deal to acquire TV3.
Mr McRedmond said it was the “right time for new leadership to take the reins” at the group.
“I am delighted that this sale is now completed. TV3 has consistently punched above its weight to compete in the Irish market and with the backing of the world’s largest international cable company, TV3 can now achieve its full potential,” he said in a statement.
“I want to thank TV3’s departing investors Doughty Hanson for their professionalism, loyalty and support particularly during the recession.”
He added that Liberty Global, the John Malone-controlled parent company of Virgin Media, would be "a world-class owner" for the business.
The broadcasting group, which owns 3e as well as TV3, was sold to Virgin Media Ireland (previously known as UPC Ireland) in July for €80 million, with a further €7 million payable if TV3 hits particular commercial targets.
The transaction has been cleared by the Competition and Consumer Protection Commission, the Broadcasting Authority of Ireland and Minister for Communications Alex White.
"We're delighted to welcome TV3 to the Virgin Media family," said Virgin Media Ireland chief executive Tony Hanway. The acquisition "secures TV3's long term future and provides it with a strategic partner to build on its success both in Ireland and internationally", he said.
“While I am sorry to lose David from TV3, he leaves with our best wishes,” Mr Hanway added.
It is understood a competition for Mr McRedmond’s replacement will now be held.
Mr McRedmond, a former Eircom executive, was appointed to the TV3 role by its then owners Doughty Hanson, a British private equity firm, in 2006.
In 2008, he oversaw the acquisition of Channel 6, which was later rebranded as 3e, while recent years has seen the company refinance its debts, survive a plunge in advertising revenues and invest in a new HD studio near its existing base in Ballymount in Dublin.
Mr McRedmond also ramped up TV3's production of original programming, including this year's launch of the €7 million a year soap opera, Red Rock. At a preview event for the series last week, he described Red Rock as "the most important thing that TV3 has ever done, more important than the Rugby World Cup, more important than our Six Nations rights win".
Under the ownership of Virgin Media Ireland, TV3 is likely to have access to more cash for both the production of original programmes and the purchase of sports rights. The group employs 250 people full-time, while 130 people work on Red Rock.
