| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

News Main Page 
 Asia-Pacific Business Week


How to use our RSS feed

Web Finfacts


Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:


Finfacts Homepage

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News





News : Irish Last Updated: Dec 19th, 2007 - 13:17:15

Denis O'Brien's Communicorp to acquire Irish radio stations -Today FM, FM104 and Highland Radio - in €200m deal
By Finfacts Team
Jul 16, 2007, 07:14

Email this article
 Printer friendly page

Denis O'Brien's Communicorp is the successful bidder for the Irish radio stations -Today FM, FM104 and Highland Radio.

O'Brien's firm signed purchase contracts with the UK company Emap on Saturday, agreeing to buy the radio stations for close to €200m in Ireland's biggest ever radio deal.

The deal between Communicorp and Emap will have to be approved by the Broadcasting Commission of Ireland (BCI).

Communicorp already owns Irish radio networks, including Newstalk106, Dublin's 98fm, Dublin's Spin fm and Spin South West.

Today FM is a national network and the footprint of Newstalk106 covers most of the country.

Today FM, FM 104 and Highland Radio are expected to post EBITDA -earnings before interest, tax, depreciation and amortisation - of €14.6 million in the year to March 2008.

Revenue is expected to be €34.5 million. So the price of €200 million, represents a multiple of 13.8.

Communicorp Group Ltd was formed in 1989. The Group’s radio operations launched in Ireland in the same year and followed with stations in the Czech Republic in 1992. Based in Dublin, Ireland, Communicorp has grown and become a major player in the Irish media and telecommunications market. In 2004, the Group acquired the Metromedia radio group, making Communicorp one of the largest radio operators in Central and Eastern Europe with a presence in six countries.

In early 2006, the Group expanded its radio holdings with entry into its seventh market - Ukraine. With over 20 million listeners per week, the Groups’ radio stations cover many formats from Hot AC to Chart/Dance, from News to Country. Unique among pan-European radio groups, Communicorp is a pioneer in the sphere of local-language music radio in Bulgaria, Czech Republic, Estonia, Finland, Hungary and Ukraine, as we continue to explore and create new possibilities for the medium of radio.

Welcoming the conclusion of the purchase process, Lucy Gaffney, Chairman of Communicorp Group Ltd. said, “subject to the approval of the regulatory authorities, this deal is a very significant development for Irish commercial radio. Communicorp has for many years demonstrated its commitment to investing in independent commercial radio in Ireland and to the goal of quality broadcasting to all segments of the market. This agreement to purchase the three Emap owned stations- Highland Radio in Donegal, FM104 in Dublin and the flagship national broadcaster Today FM, offers all three stations the security of a committed investor determined to develop commercial radio over the long term and of course, brings these great radio stations back into Irish ownership.”

For this purchase to be completed, the BCI will need to be satisfied that it complies with all of the Commission’s requirements and Communicorp says that it looks forward to early discussions with the Executive and Board of the BCI.

Lucy Gaffney added, “we look forward to progressing the purchase process and particularly to working with Willie O’Reilly and his outstanding teams of management, broadcasters and production staff in Highland Radio, FM104 and Today FM”.

Lucy Gaffney congratulated the negotiating teams and their advisers on both sides and particularly thanked Chief Executive Paddy Halpenny who led the negotiations for Communicorp advised by Warner Mandell of N.M Rothschild & Sons, London. 

© Copyright 2007 by Finfacts.com

Top of Page

Latest Headlines
C&C reports plunge in UK cider sales; Revenue and profit margin to fall 10% in year to February 29, 2008
Shannon Development calls for urgent national launch of high-speed fibre Broadband infrastructure across Ireland
Irish SMEs can reduce costs by adopting Green IT
Irish construction employment fell 5.4% in year to November 2007 - actual job losses were about 15,000
Two Dublin Firms "score major deals" during South Africa Trade Mission
Dublin Airport: DAA to start work on €55m extension to Terminal One
Forfás says Employment in IDA and Enterprise Ireland client firms grew by 1,187 in 2007; Over 18,500 people were employed in research activities across Ireland in 2007
Wyeth Ireland invests €5 million in Dublin and creates 24 jobs
Irish Consumer sentiment fell slightly in December 2007
Aer Lingus begins Belfast-London Heathrow service; Ryanair's Michael O'Leary visits Shannon on last day of Aer Lingus service to London
Martin welcomes over 50 Irish Firms on South African Trade Mission
Irish Construction: December data signalled record falls in activity - housing, civil engineering and commercial sectors
Britvic Ireland to cut 60 jobs in Cork
Irish Live Register increased 2,100 in December; Grew 14,987 in 2007 to 171,800 at end of December
Irish Public Service Benchmarking Body Report: Increases recommended for just 15 of the 109 grades examined
Irish Financial Services Ombudsman says complaints increased 15% in 2007
Nuclear Power in Ireland: Government calls for a debate without a deadline to avoid having to make decision
Irish Industrial Sector had best year in 2007 since 2002
Irish National Employment Rights Authority carries out 14,000 inspections; Recovers €2.5m in arrears for workers; Martin launches "major publicity campaign"
Horizon Technology hit by falling revenue and bad debt provision increase of €0.8 million