The Irish Timeshas invested €1.5 million in cash and services for a 30 per cent stake in Entertainment Media Networks, the company which operates the entertainment.ie website.
Entertainment.ie is the most popular entertainment website in Ireland and provides listings and reviews for television, music, cinema, theatre and restaurants. Quoting figures from Google Analytics, managing director Julian Douglas said the site had 2.7 million page impressions and 223,000 unique visitors in March. Founded in 1997, the site generates the bulk of its revenues by syndicating its content to other outlets, including The Irish Times, Eircom, the Daily Star, Vodafone and O2.
Mr Douglas said the site has benefited from the massive growth in online advertising in Ireland over the last two years. "Our advertising inventory is sold out on a regular basis," he said.
"As a result, we need to increase viewers on the site, which is why we have been looking to get a traditional media partner for some time."
Mr Douglas said the company had been profitable for the last two years but declined to give a figure for turnover. The most recent accounts filed with the Companies Office show that Entertainment Media Networks had a profit of €77,552 in the year to the end of October 2005.
Following the investment, Dermot Hanrahan, a director of the company and former chief executive of Dublin radio station FM104, will take on a new role as executive chairman. Other shareholders include Ticketmaster managing director Tommy Higgins.
Entertainment.ie was advised on the deal by Key Capital while The Irish Timeswas advised by NCB.
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