Newstalk losses hit €3.8m

Dublin radio station Newstalk has reported accumulated losses of €3.8m in accounts lodged with the Companies' Office.

A report in The Irish Times says that accounts for 2002 show the station's losses rising from €423,836 to €3.8m.

The station began broadcasting in April 2002 and the Joint National Listenership Research figures for January 2003 to June 2003 show that Newstalk had a 3% share of the market.

Entrepreneur Denis O'Brien holds a 57% stake in the company.