A company lead by Clare FM Radio has announced the acquisition of a majority shareholding in the local radio station in County Tipperary.
Clare FM and a number of other shareholders are to purchase 56.1% of Tipp FM, subject to the approval of the Competition Authority.
Clare FM and Tipp FM Radio stations announced a strategic alliance last year, involving both stations sharing costs in non-broadcasting areas in a bid to deliver savings and protect employment.
Under the agreement Clare FM’s Managing Director Liam O’Shea became Chief Executive of both stations, which remain independent and retain their individual licences for their respective counties.
Now Dreamglade Limited – a consortium controlled by Clare FM, and including Mr. O’Shea, as well as Ennis businessmen Gay and Terence Mangan are to acquire 56.1% of Tipp FM’s Share Capital – which is currently owned by the Irish Press Group – for an undisclosed sum.
The deal is currently being considered by the competition authority but has already been approved by the Boradcasting Authority of Ireland.
