Radio Kerry’s board has approved an offer to the shareholders of Clare Community Radio Holdings Ltd. to purchase the entire share capital of the company, Clare FM, and has also made an offer for Clare FM’s controlling interest in Tipp FM.
The Board of Clare FM are recommending acceptance of the offer to their shareholders. Both offers are subject to shareholder and regulatory approval in early 2019.
The stations share the same local ethos and have similar programme schedules.
Liam O’Shea, MD, of Clare FM: “Tipp FM said “The counties share the same pride of place, love of sports, music and culture. The reality of the modern media environment is that in order to secure their business future I strongly believe that radio stations must consider shared costs and consolidation with other similar companies.”
Radio Kerry CEO Paul Byrne said: “The decision is being made to be proactively involved in the future development of the radio and media industry in Ireland and to create new opportunities for staff, advertisers and listeners”.
Radio Kerry Chairman, Tim O Keeffe added: “The shareholders and management team at Radio Kerry have common objectives as Clare FM and Tipp FM in protecting and promoting the local radio sector. It is the belief of all involved that this would strengthen and secure the future of all stations involved “.
Radio Kerry previously purchased Shannonside/Northern Sound Radio in 2005.