Private equity group Doughty Hanson has agreed to purchase 100% of Ireland's TV3 channel, it was announced late on Friday night.

ITV and CanWest each hold 45% of TV3, with the remaining 10% held by investors including U2 manager Paul McGuinness. CanWest put its stake up for sale earlier this year, with bidders including UTV understood to be in the running to acquire the channel.

Doughty Hanson's bid values TV3 at €265m. ITV has a 90 day window in which it could match the Doughty Hanson bid, buy out CanWest's stake and take full control of the channel; however, the late announcement tonight could be an indication that this is now unlikely.

Calling the channel a "high quality broadcast business," Doughty Hanson principal Steven Bone said: "We believe our offer to acquire TV3 provides good value for all its current shareholders."