Bauer Media Audio Ireland has announced that it has entered into an agreement to acquire Cork’s RedFM subject to regulatory approval.
If the deal is approved, Bauer says it is committed to ensuring that Red FM continues to grow and develop, providing investment and innovation to create an even better listener experience for the people of Cork, and allowing Red FM to continue providing the music, entertainment and great local news and information that listeners value.
In the latest listening figures released today, RedFM has 175,000 weekly reach with 129,000 daily listeners and a 21% market share.
Bauer already owns Today FM, Newstalk, 98FM, SPIN 1038 and Spin South West having bought Communicorp Group last year.
Speaking on the transaction, Simon Myciunka, CEO of Bauer Media Audio Ireland commented: “As a firm believer in the power of sound, Bauer Media Audio is committed to growing the radio and audio sector through investment and innovation.
“Cork’s Red FM is a much-loved station, and it’s a fantastic addition to the business. Together, we can ensure that it continues to provide the music, entertainment and great local news and information that listeners value, allowing it to thrive even more in future.”
Diarmuid O’ Leary, CEO at Red FM added: “Over the past two decades, Cork’s Red FM has grown to become one of the region’s most popular radio stations, informing and entertaining listeners across the city and county.
“I’d like to thank everyone who have been a part of this journey for their contribution, in particular the staff at the radio station, who have been central to our success over the last 20 years. Red FM is now ready to embark on a new chapter, and I’m sure that as a valued part of Bauer Media Audio, the station will continue to soar to even greater heights.”