The Broadcasting Commission of Ireland (BCI) has approved the purchase by businessman Denis O'Brien's Communicorp group, of Dublin-based radio station FM 104 on the basis that it is sold to an independent third party within a short period of time.
The approval is conditional on Communicorp complying with the terms of the Competition Authority's determination in respect of the sale of all three of EMAP's radio services.
Mr O'Brien is being forced by the BCI and the Competition Authority to sell the station as part of a deal agreed in July with UK media group Emap to buy FM104, Today FM and Highland Radio in Donegal.
Mr O'Brien's Communicorp radio group agreed to pay €200 million for the three stations, representing a multiple of 13.8 their combined earnings for fiscal 2008.
Mr O'Brien owns national stations Newstalk and Today FM, Dublin-based 98FM and Spin 103 and is a shareholder in a regional youth licence in the southwest. He is also a substantial shareholder in East Coast Radio in Wicklow.