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ITV eyes TV3 bid

World Brief

The U.K.’s biggest private terrestrial broadcaster, ITV, is poised to take a controlling stake in TV3, the Irish commercial TV station, according to local reports.

ITV already owns 45% of TV3, Ireland’s only commercial TV station, but reportedly is eyeing a bid for the 45% stake held by Canada’s CanWest.

ITV is believed to have first refusal on CanWest’s stake, according to a report in the Irish Times.

But ITV may face competition for the stock from Irish sports pay box Setenta or from Ulster TV, which broadcasts in Northern Ireland.

CanWest is selling its TV3 stake, though to be worth around $120 million, in order to reduce debts.

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