Radio Kerry buys Clare FM and Tipp FM
Deal done for undisclosed sum with Radio Kerry already owning Shannonside and Northern Sound
The board of Clare Community Radio Holdings, operators of Clare FM and owners of a controlling interest in Tipp FM, has approved an offer from Radio Kerry Holdings to buy the two stations.
Radio Kerry is set to add two more stations to its portfolio with the acquisition of Clare FM and Tipp FM.
The board of Clare Community Radio Holdings, operators of Clare FM and owners of a controlling interest in Tipp FM, approved an offer from Radio Kerry Holdings to buy the two stations.
The deal, for an undisclosed sum, follows the acquisition by Clare Community Radio Holdings of a significant majority stake in Tipp FM in 2013.
Clare FM, which was established in 1989, was among the first wave of local stations to receive a broadcast licence from the Independent Radio and Television Commission (now Broadcasting Authority of Ireland).
Over the past three decades, Clare FM established itself as a leader in local radio and has been the recipient of major broadcasting awards on national and international stages. Clare FM and Tipp FM together employ 45 full-time and 30 part-time staff.
Commenting on the merger, Liam O’Shea, managing director of Clare FM and Tipp FM and a major shareholder in both stations, said: “The board of Clare FM is recommending acceptance of the offer to their shareholders. Both offers are subject to shareholder and regulatory approval.
“We feel that, in a changing media environment, it will provide the necessary stability to grow our already successful stations into the future as part of a dynamic broadcasting entity. Key benefits of this deal are that it will underline a commitment to local radio, benefit our staff and our listeners.”
Radio Kerry, named Ireland’s Local Radio Station of the Year on five occasions, was established in 1990 and also owns Shannonside and Northern Sound, which broadcasts to Longford, Roscommon, Leitrim, Cavan and Monaghan.
Radio Kerry chief executive 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.”
Also commenting on the merger, Radio Kerry chairman, Tim O Keeffe said: “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.”