An improved financial performance at TV3 has delivered a boost for Canadian media group CanWest Global, which owns 45 per cent of the station.
In the three months ended May 31st, operating profits for CanWest's 45 per cent stake rose by 43 per cent to $4.2 million Canadian (€2.8 million). This was based on turnover growth of 10 per cent, from Can$9.4 million to Can$10.3 million.
Based the nine months ended May 31st, operating profits for CanWest's TV3 shareholding were up from Can$8.8 million to Can$11.5 million, a 30 per cent increase. The station, which broadcasts from Ballymount Industrial Estate in south Dublin, remains the main rival to RTÉ. Apart from CanWest Global, ITV owns the other 45 per cent, with a small number Irish shareholders holding the rest of the shares.
The company has benefited this year from increased spending in the Irish TV advertising market.
The station faces growing competition from British channels now available via digital TV platforms and from Setanta Sports, the new Dublin channel, City Channel, and a venture called Channel Six which is expected to launch later this year.
