Signing of TV3 contract a `momentous occasion'

The signing of the final contract giving the TV3 consortium a permanent licence from the Independent Radio and Television Commission (IRTC) was a momentous occasion for Irish broadcasting, the chairman of the IRTC, Mr Niall Stokes, said yesterday.

The contract was signed following weeks of negotiation, after which it was confirmed that ACT Venture Capital is the company which has taken the final 35 per cent of the private television company.

Act are the second largest stakeholder after the Canadian TV company, CanWest Global Communications, which has 45 per cent, and followed by the 20 per cent held by the original Windmill Lane Studios group, the U2 manager, Mr Paul McGuinness, the accountant, Mr Ossie Kilkenny, and Mr James Morris.

The terms of the ACT investment are not being disclosed.

Mr Morris said that there was a capital investment programme of between £20 million and £25 million for the station which is planned to see TV3 in profit by its third year.

The station plans to attain 6 per cent of viewers in its first year and is launching with a 100-hour weekly schedule, 18 per cent of which will be Irish produced.

Two of ACT's directors - Mr Niall Carroll and Mr Walter Hobbs - will be on TV3's 11-member board, joined by Mr James Morris, of Windmill Lane and chairman of TV3, Mr McGuinness and Mr Kilkenny.

Canwest Global will retain a dominant position on the board, filling five of the positions plus the seat occupied by Mr Rick Hetherington, TV3's chief executive.