May

Hawkpoint advises CanWest on the disposal of its Irish TV assets to Doughty Hanson & Co

On Friday 19 May, CanWest Global Communications Corp ("CanWest") , announced that certain of its subsidiaries, together with certain other shareholders of CanWest Granada Media Holdings Limited ("CGMH") , had entered into an agreement with funds managed by Doughty Hanson & Co to sell all of their shareholdings in CGMH, which owns and operates the TV3 television network in the Republic of Ireland, and its sales representative, CanWest Ireland Sales Limited ("CISL") , for an aggregate price of Euros 265m.

The purchase price will be payable in cash at completion, and will be subject to certain customary price adjustments based upon the companies’ financial positions at the completion date. Completion of the transaction is conditional upon Doughty Hanson & Co obtaining Irish regulatory approvals. The transaction is also subject to a pre-emption right in favour of Granada Media Group Limited, a subsidiary of ITV plc.

CanWest owns 45% of CGMH, with a further 45% owned by Granada Media Group Limited (ITV) and the balance of 10% held by a consortium of Irish private individuals. CanWest owns 100% of CISL.

TV3 is the only privately-owned terrestrial free-to-air national commercial television network in the Republic of Ireland. It is one of the largest broadcast media platforms in the Irish Republic, reaching 98% of the population, more than any other single private advertising medium in the territory. It is the second most viewed channel in the ROI (including those available by cable and satellite from the UK) and targets specifically a younger profile than most of its competitors.

Hawkpoint were financial advisers to CanWest Irish holdings (Barbados) Inc, a subsidiary of CanWest.

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