Communicorp Group, owner of, , , and other local radio stations has been acquired German conglomerate, Bauer Media Group.
The acquisition, which is subject to regulatory approval, sees Bauer enter the Irish market for the first time.
Communicorp, owned by Irish billionaire Denis O’Brien, has a weekly audience of over 1.75 million listeners.
President of Bauer Media Audio Paul Keenan said that, given more than 80% of people in Ireland tune into radio stations each week, the industry makes “a vital and much-valued contribution to the country’s rich cultural landscape."
"Communicorp’s award-winning radio stations are reaching record listening highs, and the combination of these highly valued audiences offered alongside fast-growing and innovative digital brands means they are well-positioned to capitalise on the future development potential of the wider world of audio.
We are very much looking forward to working with Communicorp CEO Simon Myciunka and his talented team,” he said.
Mr Keenan added that he was looking forward to the opportunity to work with Communicorp CEO Simin Myciunka and his team.
Communicorp Chairperson Lucy Gaffney said her organisation had been at the forefront of Ireland’s media industry for over 30 years, and that the Bauer acquisition was “the culmination of an exciting and dynamic journey, which has enhanced and transformed radio in Ireland."
"Hundreds of incredibly talented and special people, both in front of and behind the mic, have made that journey possible and I want to thank them for their enormous contribution to the company,” she said.
"I also want to thank our advertisers, our stakeholders and especially our listeners, for their support and loyalty over many years.”
On behalf of the Communicorp Board, Ms Gaffney wished Bauer and everyone at Communicorp continued success for the future.