Communicorp takes another Denis O’Brien loan

Denis O’Brien has given a €7.9m loan to Communicorp, on top of the €85.5m he has already given the group.

That’s according to an article in the Irish Times, quoting account details from 2015. The newspaper also says other amounts falling due after more than one year include loan notes from minority shareholders to the tune of €3.1 million and other long term creditors who are owed €4.75 million.

In the same accounts, O’Brien took back rental charges of €475,476 and €156,450 was paid to him for “transmitter site rentals”.

Revenue for the group last year amounted to €83.7 million, €42.8 million of which was made in the Republic. Communicorp Chairman Lucy Gaffney said: “The industry shift towards digital revenue has put pressure on all traditional media. As a result, we have reorganised the very core of our radio business, consolidated our sales force and invested further in creative solutions for our advertising partners.”

Read the full details of the article here.

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