BUSINESS: Bauer Media Audio agrees to acquire Communicorp Group
Last updated 25th Feb 2021
Bauer Media Audio which owns Downtown Radio, Cool FM and Downtown Country, has today (Thursday) announced it has entered into an agreement to acquire Communicorp Group subject only to regulatory approval.
Through this transaction Bauer Media Audio enters the Republic of Ireland and extends its audio business to eight countries, further developing its position as Europe’s leading commercial radio operator with more than 55 million weekly listeners.
Communicorp, Ireland’s largest commercial radio group with a market-leading portfolio, has a weekly audience of more than 1.75 million and plays a vital role in providing news, music, entertainment, and sport.
The group comprises of Ireland’s only two national commercial radio stations Today FM and Newstalk, alongside local stations Spin 1038 and 98FM in Dublin, and Spin Southwest in Limerick, as well as leading digital radio sport station Off The Ball, digital audio exchange audioXI and aggregated listening platform GoLoud.
Paul Keenan, President of Bauer Media Audio comments, “Radio is very popular in Ireland with more than 80% of the population tuning in every week. The industry makes a vital and much-valued contribution to the country’s rich cultural landscape.
"Communicorp’s award-winning radio stations are reaching record listening highs, and the combination of these highly valued audiences offered alongside fast growing and innovative digital brands means they are well positioned to capitalise on the future development potential of the wider world of audio.
"This offers more choice for listeners alongside enhanced, targeted solutions for advertisers. We are very much looking forward to working with Communicorp CEO Simon Myciunka and his talented team.”
Commenting on the announcement, Communicorp Chairperson, Lucy Gaffney, said: “Communicorp has been at the forefront of Ireland’s media industry for over 30 years and this agreement marks the culmination of an exciting and dynamic journey, which has enhanced and transformed radio in Ireland.
"Hundreds of incredibly talented and special people, both in front of and behind the mic, have made that journey possible and I want to thank them for their enormous contribution to the company. I also want to thank our advertisers, our stakeholders and especially our listeners, for their support and loyalty over many years.
"Finally, on behalf of the Board, I wish Bauer and everyone at Communicorp continued success for the future.”