The conditional sale of Today FM, FM104 and Highland Radio from Emap to Communicorp Group for £135m has now been completed. The sale, announced in July 2007, was conditional on obtaining certain regulatory clearances which have now been received.
Completion of the sale of the Republic of Ireland radio business is one of the conditions of the proposed acquisition of Emap plc by Eden Bidco Limited, announced on 21 December 2007.
In the year to 31 March 2007, the three radio stations had revenue of £21m and operating profit of £7m. At 31 March 2007, the business had gross assets of £55m and a carrying value of £44m. The sale is expected to be free of tax to Emap and it is intended that the sale proceeds will be applied to reduce Group borrowings.