Press Releases
Communicorp buy Irish Radio Stations From Emap
16th August 2007
Dublin, Ireland
Communicorp Group Limited has purchased the three Irish radio stations owned by Emap plc., subject to regulatory clearances in Ireland from the Broadcasting Commission of Ireland (BCI), the Minister for Enterprise, Trade and Employment and the Competition Authority. Emap plc has notified the London Stock exchange of the purchase today 16th July 2007 for a cash consideration of €200 million on a debt free, cash free basis.
Welcoming the conclusion of the purchase process, Lucy Gaffney, Chairman of Communicorp Group Ltd., said, “ subject to the approval of the regulatory authorities this deal is a very significant development for Irish commercial radio. Communicorp has for many years demonstrated its commitment to investing in independent commercial radio in Ireland and to the goal of quality broadcasting to all segments of the market. This agreement to purchase the three Emap owned stations- Highland Radio in Donegal, FM104 in Dublin and the flagship national broadcaster Today FM, offers all three stations the security of a committed investor determined to develop commercial radio over the long term and of course, bringing these great radio stations back into Irish ownership.”
For this purchase to be completed, the BCI will need to be satisfied that it complies with all of the Commission’s requirements and Communicorp look forward to early discussions with the Executive and Board of the BCI.
Lucy Gaffney added “we look forward to progressing the purchase process and particularly look forward to working with Willie O’Reilly and his outstanding teams of management, broadcasters and production staff in Highland Radio, FM104 and Today FM”. Lucy Gaffney congratulated the negotiating teams and their advisers on both sides and particularly thanked Chief Executive Paddy Halpenny who led the negotiations for Communicorp advised by Warner Mandell of N.M Rothschild & Sons, London.
Ends.
Further Information contact:
Mark Mortell - Fleishman-Hillard - +353 86 8192844
Ruth Burnside - Fleishman-Hillard +353 1 6188481 or + 353 86 9967496
About Communicorp Group Ltd.: Communicorp Group Ltd is a media holding company, founded in 1989 by Irish Entrepreneur Denis O’Brien. The company’s media holdings include radio stations, Internet portals and service companies. Today, Communicorp has over 800 employees in 8 different European countries. Communicorp is headquartered in Dublin, Ireland.
