Bauer Media Audio has entered an agreement to acquire Communicorp Media.
The Communicorp group is Ireland's largest commercial radio group and includes national stations Newstalk and Today FM, local stations Spin 1038, 98FM and Spin Southwest, as well as sport station Off The Ball and the GoLoud listening platform.
The group has a weekly audience of more than 1.75 million listeners and is currently controlled by Denis O’Brien.
Subject to regulatory approval, this transaction means Bauer Media Audio will enter the Irish market and extend its audio business to eight countries.
The company is Europe’s leading commercial radio operator, with more than 55 million weekly listeners.
Paul Keenan, President of Bauer Media Audio, said Communicorp’s station were “well positioned to capitalise on the future development potential of the wider world of audio.”
“Radio is very popular in Ireland with more than 80 per cent of the population tuning in every week,” he added.
“We are very much looking forward to working with Communicorp CEO Simon Myciunka and his talented team.”
Communicorp chairperson, Lucy Gaffney, thanked employees for their contribution to the company’s growth.
“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,” she said.
“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.”