Authority clears SRH’s €26m bid for FM104

SCOTTISH Radio Holdings has had its €26 million bid for FM104 cleared by the Competition Authority, with stringent conditions attached.

The authority yesterday cleared the deal provided FM104’s stake in the struggling NewsTalk 106 is sold on by December 31, 2004. Under the deal, SRH is also to take on the €4m debt of the group putting a total price of €30m on the buyout.

SRH owns Today FM and the review by the authority which began in December was undertaken to see what impact the deal would have on local radio in the Dublin region.