Bauer Media Audio, the owner of the Newstalk, Today, FM, 98FM and Spin radio stations, has agreed to acquire Cork's Red FM, the most listened to local radio station in Cork.

The company said the purchase would bring the listenership of Bauer stations in Ireland to 1.9 million people a week.

Chief executive Simon Myciunka Red FM is a "much-loved station and it’s a fantastic addition to the business".

“Together, we can ensure that it continues to provide the music, entertainment and great local news and information that listeners value, allowing it to thrive even more in future,” he added.

Red FM is owned by Siteridge Ltd, where the principal shareholder is radio sector veteran Dermot Hanrahan (63).

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The company had turnover of €3.4m in 2021, up 11% on the previous year. Net cashflow from operating activities was €260,000, down from €1.4m in 2020.

The radio station was funded with €3.7m loans from shareholders and directors. Theses include Vienna Investments Ltd (€2.4m), controlled by Dermot Hanrahan and where Pearse Farrell is a director, and Sappho Ltd (€740,000), owned by The Irish Times.

Red FM has 129,000 daily listeners and is home to The Neil Prendeville Show, More Music with Philip Bourke and Dave Mac’s Drive.

Diarmuid O'Leary, head of Red FM, said: “Over the past two decades Cork’s Red FM has grown to become one of the region’s most popular radio stations, informing and entertaining listeners across the city and county.

“I’d like to thank everyone who has been a part of this journey for their contribution, in particular the staff at the radio station, who have been central to our success over the last 20 years.

“Red FM is now ready to embark on a new chapter, and I’m sure that as a valued part of Bauer Media Audio the station will continue to soar to even greater heights.”

Newstalk, Today FM and Spin have all increased their audience listenership since German group Bauer acquired Communicorp in June 2021.

The latest JNLR figures show Today FM has a weekly listenership of 871,000, Newstalk now has a weekly listenership of 784,000, up 17,000 on the previous JNLR survey period, and Spin is up to 159,000.

Combined, Today FM and Newstalk have a 21.4% share of the weekday national radio audience, and Bauer stations command over half the daily radio audience in Dublin.

Bauer's takeover of Red FM is subject to Competition and Consumer Protection Commission approval.