The Competition and Consumer Protection Commission in Ireland has approved the sale of Wireless Group to News Corp.
The Commission has formed the view that the proposed transaction will not substantially lessen competition in any market for goods or services in Ireland, and, accordingly, that the acquisition may be put into effect subject to further regulatory conditions.
Reasons for its determination will be published by the Commission on its website within the next couple of months after allowing the parties the opportunity to request that confidential information be removed from the published version of the report.
In addition to local and national radio in the UK, Wireless Group plc operates six local radio stations in Ireland under sound broadcasting contracts awarded by the Broadcasting Authority of Ireland: Q102, FM104, 96FM, C103, Live 95FM and LMFM. Wireless Group plc also operates a national radio sales house, Urban Media, which sells radio advertising on behalf of its six radio stations and two radio stations operated by third parties: WLR FM and Galway Bay FM.
The £220M deal remains subject to the satisfaction or waiver of the other Conditions, including certain additional regulatory conditions in the UK and Ireland.