Emap is selling its three Irish stations to Communicorp, the Irish and European radio group, for £135m. The sale comes amid growing speculation that the magazine and radio group is vulnerable to takeover.
The sale of national station Today FM, Dublin’s FM104 and Highland Radio in Donegal will help Emap to reduce its borrowings. The deal requires regulatory clearance.
Emap announced earlier this year that it was selling off the stations as part of a move to focus on its UK stations, which include Magic, Kiss and the Big City Network. The struggling media group is still seeking a chief executive following the departure of Tom Moloney earlier this year.
Communicorp, which was launched in 1989, operates stations in countries including Bulgaria, the Czech Republic, Estonia and Finland, and has a stake in newspaper group. It was founded by entrepreneur Denis O’Brien, who also has a stake in Independent News & Media.