U2 accountant looks to exit youth station

Accountant Ossie Kilkenny is looking to sell his stake in Dublin youth music station Spin FM.

According to a report today, Mr Kilkenny has offered his 33% share to fellow shareholders Denis O'Brien and Michael Sherry, the owner of Molloy & Sherry Transport Ltd.

It is not known what the asking price for this one third stake is.

Mr Kilkenny is obliged by a shareholders' agreement to offer his stake to existing shareholders first.

It is understood that, if the deal receives approval from the Broadcasting Commission of Ireland (BCI) and the Competition Authority, it would leave Mr O'Brien and Mr Molloy with 50% of the company each.

Spin FM was awarded a license in 2000.

It achieved 2% of market share in 2003 according to JNLR figures.

Reviewing Spin's performance last year, the BCI praised the station's performance but said that the revenue-generating side of the business was a bit disappointing.

Maypril Ltd, the company behind the station, posted accumulated losses of more than €2m for the period to December 2002.