The board of Radio Kerry has announced plans to acquire two radio stations in Munster.
The board has approved an offer to the shareholders of Clare Community Radio Holdings Ltd to purchase the entire share capital of Clare FM.
Radio Kerry’s board has also made an offer for Clare FM’s controlling interest in Tipp FM.
The board of Clare FM is recommending that its shareholders accept Radio Kerry’s offer.
Radio Kerry’s offers to acquire Clare FM and Tipp FM are subject to shareholder and regulatory approval early this year.
The three stations have a close working relationship in the independent radio sector and work together in the industry bodies, the Independent Broadcasters of Ireland, IRS+ and Learning Waves.
CEO of Radio Kerry, Paul Byrne says 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.
Chairman of Radio Kerry, Tim O’Keeffe says the station’s shareholders and management team share common objectives with Clare FM and Tipp FM in protecting and promoting the local radio sector and believe that the acquisitions would strengthen and secure the future of all stations involved.
The managing director of Clare FM and Tipp FM, Liam O’Shea says that given the reality of the modern media environment, he strongly believes that radio stations must consider shared costs and consolidation with other similar companies.
Radio Kerry previously purchased Shannonside/Northern Sound Radio in 2005.