Ulster Television has completed its IR£17.3 million acquisition of 60% of County Media, a radio broadcasting business based in Cork, Ireland (see Ulster Stock Rises On Positive Results).
County currently operates three independent local radio stations in Cork – 96FM in Cork City, 103FM in North Cork and 103FM in West Cork. Since launching over ten years ago, Cork’s 96FM and 103FM have become established players in the local radio market in Cork.
The company also has its own advertising sales operation, Broadcast Media Sales, based in Dublin, and publishes a freesheet newspaper, Inside Cork, which has a weekly distribution of 20,000 copies.
County Media has net debt of around IR£1.95 million.
Commenting on the acquisition, John McCann, managing director of UTV said: “This is an important strategic move for UTV, which further strengthens our position throughout Ireland. This acquisition will serve to enhance the earnings of UTV Group and reinforces our position as a significant player in the indigenous market.”
