Denis O’Brien (pictured) is selling radio stations Today FM, Newstalk and other stations in his Communicorp media company to Bauer Media Audio, the radio division of German conglomerate Bauer Media Group.

No financial details have been disclosed and the acquisition, which is subject to regulatory approval, sees Bauer enter the Irish market for the first time.

Communicorp stations have a weekly audience of 1.75 million listeners. Stations include Spin FM, Spin Southwest, digital radio sport station Off The Ball, digital audio exchange audioXI and aggregated listening platform GoLoud.

Bauer president Paul Keenan said: “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.”

In Association with

Communicorp chairperson Lucy Gaffney added: “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.”

The takeover, following the sale of his interest in Independent News & Media in 2019, marks O’Brien’s complete exit from the Irish media market.

Communicorp’s latest accounts reported a net profit of c.€1.6m in 2019, compared to a €700,000 loss the previous year before. Revenues rose 4% to €43.8m.

Communicorp Group Ltd’s balance sheet at December 2019 showed total liabilities of €165m, and the  company owed €105m to O’Brien at year-end. Asset values were estimated to be worth €125m by auditors KPMG, including €106m in intangibles. Net worth was a negative €40m.

Bauer Media Audio is a digital audio specialist and operates in Britain, Poland, Slovakia, Denmark, Sweden, Finland and Norway, and claims to be the market leader in five of these countries.