Irish Times Group sells WLR stake to the Daily Mail

For the Daily Mail, it is the group's first venture into radio.

The Daily Mail Group has agreed to acquire The Irish Times' 75% shareholding in Waterford-based radio station WLR FM. 

The Share Purchase Agreement was signed yesterday and the acquisition is now subject to regulatory approval. As part of the new structure, WLR Director Des Whelan will continue as a part-owner, retaining his 25% share.

The Irish Times became a shareholder in WLR FM when it acquired the Landmark Media Group in 2018. Its sale completes its divestment of radio stations in favour of a strategy to invest in its publishing titles, including the Irish Examiner and The Echo, and to enhance digital services for readers and subscribers. It had previously sold its shareholdings in Cork's RedFM and Waterford's Beat 102 - 103 FM.

In an update, the Irish Times Group CFO Mikie Sheehan said WLR has been at the heart of Waterford for years. "This transaction provides one of the most successful and well-run local radio stations in the country an opportunity to embark on a new chapter. I'd like to thank the staff for their commitment and dedication to the station over the last number of decades, which has helped it achieve the title of local radio station of the year five times since 2019. I’m confident that as a valued brand within DMG Media, the station will continue to soar to even greater heights," he said.

For the Daily Mail, it is the group's first venture into radio. Their brands include EVOKE, Extra.ie, OneFabDay.com, The Irish Daily Mail, The Irish Mail on Sunday, and Business Plus.