CANADA'S most profitable broadcaster, CanWest Global, last night became the largest shareholder in TV3, the consortium that will run the Republic's independent television station.

The Canadian company will take a 48 per cent stake in TV3, replacing UTV which had paid an estimated £8 million for the share. UTV pulled out of the consortium last September.

The deal, which was first reported in The Irish Times last month, is subject to the approval of the Independent Radio and Television Commission. If the proposal gets the green light, it is possible that TV3 would be on the air within 12 months, at a cost of £15 million.

CanWest, based in Winnipeg, has been expanding rapidly in recent years. In Canada, it owns and operates the country's largest private sector broadcasting network, while in New Zealand and Australia it owns majority stakes in two independent television stations.

"As an experienced international television broadcaster, CanWest, with a successful history of startups and turnarounds of television properties, will be expected to take a leading position in the business and development of TV3," the Canadian firm said in a statement last night.

The other main shareholders in the consortium are Windmill Lane Pictures, controlled by Mr James Morris, U2 manager, Mr Paul McGuinness, and the showbusiness accountant, Mr Ossie Kilkenny.

The consortium has been negotiating with the IRTC over the past month, CanWest added, and expects a successful conclusion in the weeks to come.

"The IRTC has been very supportive in the past, and in CanWest we have at last found a dedicated, experienced and financially committed partner to assist with the development of this exciting television opportunity," Mr Morris said.

Last November, CanWest reported record financial results, with revenue for 1996 the equivalent of £290 million, and net profits at £47.2 million.