ITV, the UK broadcaster, has taken a big step towards meeting its pledges to disgruntled investors by agreeing to sell its stake in Irish television network TV3 to Doughty Hanson, the buyout firm.

ITV has a 45% stake in TV3's holding company, and said today it had waived its pre-emptive right to launch a bid for the whole company, instead selling its stake to Doughty.