Media & Marketing: The sale of one of the country's top local radio stations, WLR FM in Waterford, is proving more protracted than expected and it now seems that a deal will not be agreed before September. Among those interested in bidding for WLR are UTV and Lord Kilclooney's Alpha Newspapers Group.
The sale was prompted when shareholders in South East Broadcasting (SEB), including Peter Queally of Dawn Meats and Gerry Sheridan, a Hertz franchise owner, said they were disposing of their shares in Waterford Local Radio (WLR) and their 30 per cent stake in Beat FM.
WLR is a typical local station, while Beat is aimed at 15-34 year olds. The WLR station licence and its state-of-the-art studios are valued at about €15 million.
Managing director Des Whelan was central in starting it up as a pirate station in 1978 and in securing a licence in 1989.
KPMG issued a prospectus and among the other seven names which may be interested in bidding are Emap, owner of Today FM and FM104, Thomas Crosbie Holdings, Radio Kerry and Fox Radio, run by Martin Block. Although Whelan refused to comment, it is thought he would like to increase his stake in SEB, but as a decision will rest on the highest bid, the asking price may go against him.
First-round bids are now complete and due diligence is expected to take some weeks.
Beat FM, which is run by Kieran McGeary, aims to boost revenues to €1.9 million this year and return a profit for the first time. Advertising is handled by the UTV-owned Broadcast Media Sales (BMS).
There appears to have been little or no progress with plans to sell Dublin's Country Mix 106.8FM and sister station, East Coast Radio. Country plays an easy-listening adult mix of country and Irish music, while East Coast has an "adult contemporary" format. The two stations have a combined value of about €16 million and bids are being handled by Merrion Corporate Finance. Speculation that East Coast had sold its 12 per cent stake in Kildare station KFM was denied by a spokesman.
Holiday package
Budget Travel, the holiday operator owned by the German TUI leisure group, has invited pitches for its advertising. The review covers media and creative services, which have been handled by Banahan McManus for many years.
Banahan McManus was invited by Budget marketing director Clem Walshe to present again and is vying with Bloom and RMG Target for the creative work. The media competition comprises GT Media, Mediaedge:cia and Mediaworks.
Brian Sparks of Agency Assessments, which is handling the review, said a decision was expected next week.
Football-free TV3
With the World Cup kicking off tomorrow, TV3 plans to capitalise on the fact that not everyone will be watching the action in Germany and has a World Cup-free zone for the next three weeks, with shows such as Footballers Wives, Trading Spouses and Will & Grace. IDL's West Coast Cooler is the series sponsor.
Losing 'Capital'
Capital, the listings and entertainment weekly launched last October by Michael O'Doherty, publisher of VIP, TV Now and Kiss magazines, has ceased publication. Touted as Dublin's answer to Time Out, it claimed sales of 15,000 copies, but many agencies felt it was too similar to the various free listing titles on the market.
Sharks in Kinsale
The Sharks international advertising awards festival, which honours the best in screen and radio advertisement, is to take place in Kinsale, Co Cork in September.
John Hegarty of Bartle Bogle Hegarty, the agency responsible for campaigns for Levi's, Audi and Lynx, heads the jury.
Agencies should enter on www.sharkawards.com.
Michael Cullen is editor of Marketing Magazine, cullen@marketing.ie. Emmet Oliver is on leave.
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