Ulster Television said today it had agreed to buy Drogheda-based radio station Coderidge Ltd for €9.5 million as part of a strategy to expand its media operations.
The station, which trades as LMFM, is the most listened-to radio station in the Louth/Meath area and has a market share of 27 per cent, UTV said.
LMFM was awarded a renewal of its broadcasting license for another 10 years in September 2003.
For the 12 months to August 31st, 2004, the revenue and operating profit attributable to the net assets being acquired were €2.1 million and €500,000 respectively.
UTV said it has received approval in principle for the acquisition from the Broadcasting Commission of Ireland and full approval is expected shortly.
