Eight join €8m hunt for WLR radio station

IT is estimated that there are eight interested parties vying to buy regional radio station, Waterford Local Radio (WLR), which is valued at close to €8 million.

UTV, the Denis O’Brien-led Communicorp Group, EMAP, Thomas Crosbie Holdings and Alpha Newspapers — which is owned by former Ulster Unionist Party deputy leader John Taylor (Lord Kilclooney), — are all believed to be interested.

WLR’s main shareholders — including Gerry Sheridan of Sheridan Motors, Peter Queally of Dawn Meats and radio engineer Egidio Giani — have wanted to sell up for some time. At first, the station’s main single shareholder Des Whelan wasn’t keen to sell his 25% holding.

Mr Whelan is now unwilling to stand in the way of an outside bid but is understood to favour holding his personal stake in the station.

Mr O’Brien is believed to be keen to increase his Irish radio interests. His Communicorp group already owns Newstalk 106 — due to go nationwide his year — East Coast FM and Dublin’s 98FM. He is bidding for youth licence in the south-west.

EMAP, meanwhile, owns Dublin station FM104; while UTV owns Cork stations 96FM and 103FM, LMFM covering counties Louth and Meath, Dublin’s Q102 and U105 in Belfast.

“There’s only so far private owners can take a local station... one would think that if the right offer came along for 100% ownership, then the owners would take it,” said one market source.

A WLR acquisition — which could cost €8m — would also include a 30% stake in another Waterford station, Beat 102-103FM.