Connacht Tribune takes control of radio station

THE CONNACHT Tribune has taken sole control of the Galway Bay FM for a multi-million euro sum.

The paper held 27% of the shares in the station and yesterday said it would buy out the other shareholders, who include local businesspeople and the Catholic Church.

The Connacht Tribune did not disclose the value of the deal, but the price paid is believed to be worth several million euros, based on prices paid for other stations in the region. Last year Scottish Radio Holdings agreed to buy Highland Radio in Donegal for €7 million.

The takeover is subject to approval by the Competition Authority and the Enterprise Minister&.

Galway Bay FM was one of the few remaining independent stations in Ireland. The station’s most recent financial accounts, for the year to end December 2004, show retained profits of €2.5m, up more than €500,000 on the previous year. Profits are believed to have increased in 2005.

Earlier this year, the Broadcasting Commission of Ireland warned the station for breaching rules on the amount of advertising that can be accepted per hour.

The takeover will be a boost to the Connacht Tribune, which saw a fall in profits last year.

The Connacht Tribune is owned by David Hickey, Gerard Cloherty, Timothy Naughton, Mary Costello, Joan O’Reilly and Peter Allen.