ITV franchise, Ulster TV has announced the acquisition of LMFM, a local radio station in the Republic of Ireland, for almost £7 million.
This will see the company radio portfolio increase to include Drogheda in County Louth. Ulster TV enjoyed a strong financial performance in 2004 with pre-tax profits for the first six months of this year jumping by an impressive 45% to £6.2 million, driven by a strong increase in advertising revenue (see
Ulster TV Revenue Set To Grow By 16%).
The purchase of LMFM continues UTV’s stated strategy to expand its media interests across Ireland and, together with the relaunch of Q102 in Dublin, the company believes that LMFM will solidify its position in the east of Ireland.
John McCann, group chief executive of UTV said: “We are absolutely delighted to announce our acquisition of LMFM. This is an important strategic move for UTV which together with our acquisitions of 96 and 103FM in Cork, Live95FM in Limerick and Q102 in Dublin and further strengthens our multi-media offering throughout Ireland.” He added: “We look forward to working with the management team of LMFM to build upon the successful radio service they have established in the Meath/Louth region.”
LMFM operates as an independent local radio station in the Louth/Meath area and is the most listened to radio station in that area. The station’s coverage area is immediately to the north of Dublin and has a population of 250,000
Commenting on the acquisition, Michael Crawley, chief executive of LMFM said: “The success of the station to date is attributable to the delivery of a first class local news and information service combined with playing great music. We believe that UTV will provide the expertise and resources required to further develop LMFM to the highest standards.”
UTV has received approval in principle for the acquisition from the Broadcasting Commission of Ireland, with full approval for the deal expected to follow shortly.
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