Dublin's FM104 Bought By UTV

Belfast-based UTV Media has bought an Irish radio station, Capital Radio, FM104, said to be a leading radio broadcaster based in Dublin, for cash consideration of €52 million (approximately £37 million).

FM104 is being sold by Communicorp Group Limited with UTV Media acquiring the entire issued share capital of FM104 for €52 million (approximately £37 million) on a cash-free and debt-free basis and subject to certain post completion adjustments.

It is seen as a good buy as FM104 is the leading commercial radio station in Dublin and is one of the most listened to radio stations in the city with a weekday share of all adults for the year to 30 September 2007 of 12.5% and weekly market reach of 31%, second only to RTE Radio 1.

The station enjoys a market leading position with a 26% share in its key 15-34 year old age group.

The Acquisition will significantly enhance UTV's presence in the critical and highly competitive Dublin radio market and represents a further significant step in the implementation of UTV's stated strategy of building a network of leading radio stations in Ireland's key urban areas.

The Acquisition is conditional on the approval of the Irish Republic's Competition Authority, the Broadcasting Commission of Ireland ("BCI") and of the UTV shareholders in a general meeting.

The Acquisition is also conditional on owners Communicorp completing the acquisition of FM104 from Scottish Radio Holdings Limited, a subsidiary of Emap plc.

Commenting on today's announcement, John McCann, Chief Executive of UTV Media said: "I am absolutely delighted to announce this acquisition of FM104. Together with

Q102 in Dublin and our stations in Cork, Limerick, Dundalk/Drogheda and Belfast, this acquisition enables our multimedia offering throughout Ireland to take a significant step forward and firmly reflects UTV Media's strategy of creating a diversified media business in the UK and Ireland.

"FM104 is the market leader in Dublin and we look forward to developing this position within UTV," he said.


Related Northern Ireland News Stories
Click here for the latest headlines.

12 November 2020
Gove Urged To Ensure 'Unfettered Access' For NI Freight
The Economy Minister Diane Dodds has written to Michael Gove urging him to ensure "unfettered access for Northern Ireland freight being transported to Great Britain through the Republic of Ireland".
11 November 2021
DUP Calls On Dublin To 'Use Its Influence' On EU Negotiators
The DUP has called on Dublin to use its influence to press EU negotiators to stretch and prioritise the interests of Northern Ireland over the interests of EU capitals. Party Leader Sir Jeffrey Donaldson made the call following a telephone conversation with Taoiseach Micheál Martin.
28 November 2019
NI Man Charged With Drug Smuggling In Dublin
A Northern Irish man has appeared in court in Dublinon a charge of drug smuggling. The 28 year-old was arrested after revenue officers seized approximately 1kg of suspected MDMA, worth an estimated €60,000, at Dublin Airport.
08 December 2021
Infrastructure Minister Announces New Bus And Cycle Lanes
Pop-up cycles lanes in Belfast are to be maintained and a new bus lane established on the Dublin Road to further improve sustainable travel options in the city, Infrastructure Minister Nichola Mallon has announced.
24 November 2021
Appeal For Information On Serious Assault In South Belfast
The PSNI have issued an appeal for information following a serious assault on a man in south Belfast. A man, aged in his 40s, is being treated in hospital after he was "brutally" assaulted inside a lift at Hartington Court off the Dublin Road, according to the police.