TV3 parent writes down goodwill value by €118.7m

[grumpy]

TV3 parent writes down goodwill value by €118.7m

CIARÁN HANCOCK, Business Affairs Correspondent

THE PARENT company of Irish commercial broadcaster TV3 wrote down the goodwill value of the business by €118.7 million last year, its latest accounts show.

This was largely responsible for Tullamore Beta Ltd recording a loss for 2009 of €165.3 million.

Tullamore Beta was the entity used by British private equity group Doughty Hanson to acquire TV3 for €260 million four years ago.

Advertising revenue has declined sharply since then as the Irish economy has gone into recession. This has resulted in Doughty Hanson reducing the goodwill value placed on the Ballymount-based independent broadcaster in the past couple of years.

In 2008, Tullamore Beta recorded a goodwill impairment charge of €53.7 million.

In addition to the impairment hit last year, Tullamore Beta booked a standard goodwill amortisation charge of €16 million.

The latest accounts show the goodwill value attributed to TV3 at the end of 2009 was just €20.9 million.

irishtimes.com/newspaper/fin … 91429.html

Funded by Anglo. At least we have some non property losses.

[laughinglawyer]

Vinnie is bringing in more advertising revenue than individual soaps Mon-Thurs

[ewd3]

@laughinglawyer

Vinnie is bringing in more advertising revenue than individual soaps Mon-Thurs

fair play to vinnie