Sale of Wireless Group to News Corp completed
Wireless Group stations including FM104 and Cork’s 96FM are now officially owned by News Corp after the sale was approved.
News Corp says there are significant opportunities to grow reach in the world of sport and entertainment, share talent and cross-promote brands with the new stations, but will run the company on a standalone basis.
The deal received “overwhelming approval” of Wireless shareholders as all necessary regulatory approvals were given.
“This acquisition eloquently illustrates our belief in the United Kingdom as a place to invest and do business,” said Robert Thomson, chief executive of News Corp. “The strength of Wireless, with its digital and international capabilities, especially in sports coverage, will help our publishing brands engage with readers and advertisers. We are proud to welcome this valuable company with much potential into News Corp’s family of businesses.”
Rebekah Brooks, chief executive of News UK, said: “The acquisition of Wireless Group brings together two highly complementary businesses with brands that have a track record of creating compelling content and attracting engaged and loyal audiences. It will allow us to bolster our products by sharing the best journalistic content and broadcasting talent in the industry.
“Additionally we can offer cross-platform opportunities to advertisers and partners which we know that they want. We are excited to press ahead with new ideas that build on the strengths of both businesses”.
Wireless owns a number of national and local radio stations in the UK and Ireland, along with two digital businesses, Tibus and Simply Zesty.
“There is great synergy between the two businesses, and we are excited about starting to explore the value that both News Corp and Wireless Group can bring to one another on both sides of the Irish Sea,” added Ronan McManamy, managing director of Wireless Group Ireland.