Radio Kerry has agreed to buy Clare FM and Tipp FM as the broadcaster expands.
The acquisition which will require regulatory approval comes after Clare Community Radio Holdings — which owns Clare FM and has a controlling stake in Tipp FM — agreed to the sale.
The holding company said the transaction would help the future of the two stations, which will continue to broadcast under their separate identities.
Ennis-based Clare FM, which first started broadcasting 30 years ago, bought a major stake in Tipp FM, which is based in Clonmel, almost six years ago. The two stations employ 45 full-time and 30 part-time staff, it said.
“The board of Clare FM are recommending acceptance of the offer to their shareholders,” said managing director Liam O’Shea, who has a large shareholding in the stations.
“Both offers are subject to shareholder and regulatory approval.”
Radio Kerry, which was also set up almost 30 years ago, bought Shannonside and Northern Sound Radio in 2005. Those stations cover Longford, Roscommon, Leitrim, Cavan, and Monaghan.
Radio Kerry CEO Paul Byrne said “the decision is being made to be proactively involved in the future development of the radio and media industry in Ireland and to create new opportunities for staff, advertisers and listeners”.
Radio Kerry chairman Tim O’Keeffe said that “the shareholders and management team at Radio Kerry have common objectives as Clare FM and Tipp FM in protecting and promoting the local radio sector. It is the belief of all involved that this would strengthen and secure the future of all stations involved”.