EMAP sells its radio stations in Ireland

UK media group Emap plc has agreed the sale of its Republic of Ireland radio stations to Communicorp Group Ltd, a leading Irish and European radio group, on a debt free, cash free basis, for a cash consideration of 200m euros (approximately £135m).

The sale is conditional upon obtaining certain necessary regulatory clearances which are expected to be obtained in the second half of our financial year.

Emap’s Republic of Ireland radio business comprises Today FM, FM104 and Highland Radio. Emap acquired these stations with Scottish Radio Holdings (SRH) in 2005.

Communicorp Group Ltd already owns Newstalk 106, as well as Dublin stations 98FM and Spin 1038.

Source: Media Network