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Emap out of Irish radio with £135m sale

By This Is Money
Updated: 06:33 EDT, 16 July 2007

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Emap has quit running radio stations in the Irish Republic in a €200m (£135m) deal that makes telecoms billionaire Denis O'Brien a major force in the Irish media.

Emap, best-known for Heat and FHM magazines but going through a major restructuring since the ousting of chief executive Tom Moloney, today sold Today FM, FM104 and Highland Radio to O'Brien's Communicorp Group.

The deal could run into competition problems as it will see O'Brien take control of Dublin's two largest local radio stations.

O'Brien, who made his money in mobile telecoms, is reckoned to be among Ireland's five wealthiest people with a fortune of up to €2.5bn.

His interests are now spread widely including stakes in Sir Tony O'Reilly's Independent News& Media, Aer Lingus and Glasgow football club Celtic.

The radio stations last year made profits of £7m on revenues of £21m. Emap is also looking for a £30m buyer for its UK cable TV music stations including The Box.

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