UTV Media has acquired the Dublin based radio station FM104 from Communicorp Group for a cash consideration of €52 million (£37.1 million).
UTV said that the acquisition will significantly enhance its presence in the Dublin radio market and represents a further significant step in the implementation of its stated strategy of building a network of leading radio stations in Ireland’s key urban areas.
For the 12 months to 31 March 2007, FM104 generated revenues of &euro:9.50 million, earnings before interest, tax, depreciation and amortisation (after adding back allocated management charges) of €3.46 million and profit before tax of €2.95 million.
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.”
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