Scottish Radio Holdings has expanded its presence in Ireland by capturing the Dublin radio station FM104 for €26 million.
The acquisition of Capital Radio Productions, which operates the station, will be partly funded through the issue of new shares with the balance of 55% paid in cash.
SRH already owns one radio station, Today FM, and five newspapers in Ireland and is hopeful that FM104 will be immediately earnings enhancing. In the year to June 30, the youth-orientated station generated turnover of €7.6 million and made an operating profit of almost €780,000.
The deal has been backed in principle by the Broadcasting Commission of Ireland but is conditional on the approval of the country’s competition regulators
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