DENIS AND TV3... ALL BOW TO THE LEADER! It was revealed that TV3 Group is expected to be sold by its parent company Doughty Hanson. Speculation as to who would purchase the group started back in 2013 with UTV Media considered a major contender. As we know UTV Media are setting up in competition to TV3 and RTE and will be a commercial station with no dependency on the licence payers unlike RTE and TV3 (who by the way are paid a tidy sum of €3 million for showing independent productions by the TV licence payers). In February 2012 the Irish Bank Resolution Corporation (IBRC) restructured TV3s outstanding loans that they had with Anglo Irish Bank. The owners of TV3, Doughty Hanson & Co, have loans of €140 million with the bank, €51 million will continue to be repaid over the next 3 years, while €81.1 will be frozen until a liquidity event, according to the IBRC this is in the event of a sale of TV3. According to an article printed in the Irish edition of The Sunday Times on August 24, 2014 suggests that the TV3 Group will work more closely with Communicorp - In other words TV3 are broke... Smashed, pinned to the collar of their shirt and Denis is going to make a grab for it! For those of you who dont know Deniss modus operandi, let me put 2 +2 together where Denis and the IBRC are concerned. Denis has a habit of buying companies that are in huge debt to the bank for cents compared to their loan value. The person who authorises the sale of any assets taken over by the bank is none other than Michael Noonan so can anyone see what is going to happen with TV3 and Denis? It was confirmed that Deniss ambitions to own the world took a step towards reality when the LAST WEEK it emerged that Communicorp was entering into a ‘partnership’ with TV3 that “could extend to advertising, sales and the sharing of talent.” (what ever that means) While still to be finalised, the negotiations suggest that Denis O’Brien’s infl uence in the broadcasting sector is about to go further and the Broadcasting Authority of Ireland (BAI) is unlikely to take too much interest in his dealings. *The last paragraph is critical to understanding what is going to happen to Denis and his ever expanding empire. In other words the watchdog (The Broadcasting Authority) for radio and TV dont give a fiddlers that Denis is going to have a monopoly on broadcasting as he effectively owns RTE and a monopoly on print media and radio broadcasting. This is a statement from the BAI regarding Deniss position with regard to his potential monopoly: The BAI duly determined that O’Brien “does not control INM” and therefore the broadcasting Authority was “not obliged to review Mr O’Brien’s interests in the context of undue amount of communications media.” Who the f*ck are they kidding?
Posted on: Sun, 28 Sep 2014 21:18:18 +0000
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