Bauer Media Audio has entered into an agreement to buy Irish-based radio business Communicorp Group subject only to regulatory approval.
The deal is for the group’s Irish stations including Today FM and Newstalk, excluding Communicorp in the UK which runs Global brands.
In addition to the two national stations, Communcorp also owns local stations Spin 1038 and 98FM in Dublin, and Spin Southwest in Limerick, as well as digital radio sport station Off The Ball, digital audio exchange audioXI and aggregated listening platform GoLoud.
Today FM was previously bought by Scottish Radio Holdings in 2002, which was sold to Emap in 2005 and sold to Communicorp in 2007.
Paul Keenan, President of Bauer Media Audio comments, “Radio is very popular in Ireland with more than 80% of the population tuning in every week. The industry makes a vital and much-valued contribution to the country’s rich cultural landscape.
“Communicorp’s award-winning radio stations are reaching record listening highs, and the combination of these highly valued audiences offered alongside fast growing and innovative digital brands means they are well positioned to capitalise on the future development potential of the wider world of audio.
“This offers more choice for listeners alongside enhanced, targeted solutions for advertisers. We are very much looking forward to working with Communicorp CEO Simon Myciunka and his talented team.”
Commenting on the announcement, Communicorp Chairperson, Lucy Gaffney, said: “Communicorp has been at the forefront of Ireland’s media industry for over 30 years and this agreement marks the culmination of an exciting and dynamic journey, which has enhanced and transformed radio in Ireland.
“Hundreds of incredibly talented and special people, both in front of and behind the mic, have made that journey possible and I want to thank them for their enormous contribution to the company. I also want to thank our advertisers, our stakeholders and especially our listeners, for their support and loyalty over many years. Finally, on behalf of the Board, I wish Bauer and everyone at Communicorp continued success for the future.”