McEvaddy tunes into E10m with FM104 sell-off

BUSINESSMAN Ulick McEvaddy will net nearly E10 million from the sale of Dublin radio station FM104 to Scottish Radio Holdings, the owner of Today FM.

Mr McEvaddy, the co-founder of aircraft leasing firm Omega Air, yesterday sold his 38% of FM104 for E26 million in cash and shares.

SRH will also assume the station’s debt, bringing the total value of the takeover to more than E30m. Around 45% of the deal will be financed through the issue of SRH shares, with the rest paid in cash.

The other shareholders in what is Dublin’s second largest commercial station are its chief executive Dermot Hanrahan, First Active chairman John O'Callaghan, accountants Pearse Farrell and Greg Sparks, concert promoter Jim Aitken and Maurice Cassidy, a well-known music and entertainment industry figure.

FM104 has been on air since 1989 and has had a couple of revamps over the years, and was at one stage known as Rock104. According to SRH, the station generated operating profits of just under E800,000 in the year to end June on turnover of E7.5m.

According to the latest JNLR listenership figures, the station's audience remained flat in the first half of the year with a market share of 20%, just behind 98FM at 22%.

SRH said it does not see any issues arising from the ownership of both FM104 and TodayFM.

“Today FM, which is targeted at a different segment of the market, and therefore in Dublin the two services are complementary to each other.”

The takeover, which was approved by the Broadcasting Commission of Ireland two weeks ago, needs to be signed off on by Tánaiste Mary Harney.