18/12/2007

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.

(BMcC)

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