Competition Authority clears Spin FM takeover

The Competition Authority has cleared the takeover of Dublin youth radio station Spin FM by Denis O'Brien.

The authority's mergers division looked at Mr O'Brien's purchase of the remaining shares not already held by him in the radio station.

The shares are being purchased by Mr O'Brien's company, Radio 2000, from the final investors, haulier Mr Michael Sherry.

The decision by the authority will now be notified to the Minister for Enterprise, Trade and Employment, Micheál Martin, who has 10 days to review the decision.

Mr Martin can decide to approve the authority's decision; do nothing, which would have the same effect; or ask the authority to review it further.

While the authority examines the issue on competition grounds, Mr Martin's department can consider the matter on public interest grounds.