The Republic's fourth television channel, due to be on the air by next September, has signed a contract with the Independent Radio and Television Commission. The document confirms the dominance of CanWest Global, a Canadian television company, in the ownership of TV3, and includes commitments to news, current affairs and Irish-produced programming.
Some 45 per cent of TV3 will be owned by CanWest Global, with the original consortium - Windmill Lane Pictures; U2 manager, Mr Paul McGuinness; and showbusiness accountant, Mr Ossie Kilkenny - holding 20 per cent. The remaining 35 per cent will now be placed on offer to thirdparty investors in Ireland.
While there is no legal ceiling for individual stakes within the 35 per cent, the consortium said it did not envisage selling it all to a single shareholder.
Mr James Morris will remain chairman of the company's board, but CanWest said it would have the right to appoint the majority of directors.
"The IRTC has approved the station's programme policy statement and indicative programme schedule," said Mr Niall Stokes, the regulatory authority's chairman. "However, for reasons of commercial sensitivity, this schedule will remain confidential until TV3 decides to announce its schedule publicly."
He stressed that the original commitments to home-produced programming made by TV3 were still in place. Initially, 15 per cent of total output - comprising 30 per cent of prime-time broadcasting - will be Irish-made, rising to 25 per cent over five years.
Mr Morris said the signed contract would "give us something definite and clear" to put before potential investors. The start-up costs, including some initial losses, would come to between £15 million and £20 million, he added, but the company expected to be breaking even at the end of two years in operation.
He said TV3 believed it had found a site for its headquarters, and hinted that it would be in Dublin but not the city centre. The company would need about 160 employees, Mr Morris added.
A CanWest executive, Mr Gerry Noble, stressed his company's record of home-grown programming in other countries.
"In New Zealand, there is no domestic production requirement, but 40 per cent of what we broadcast during prime time is locally produced. That's what the market demands," he added.
CanWest had no immediate plans to raise its 7.4 per cent stake in UTV, Mr Noble said, but it was logical "seeing as we're here in the Republic, that we should look at Northern Ireland".
