Employees informed of deal as billionaire exits Irish media market

Communicorp, the radio group controlled by Denis OBrien, has agreed a sale of the company to UK-based Bauer Media Audio for a sum understood to be more than 100 million.
The deal, which is subject to regulatory approval, will see Bauer take control of the national stations Today FM and Newstalk, as well as local music stations Spin 1038 and 98FM in Dublin and Spin Southwest in Limerick.
Digital radio sport station Off the Ball, digital audio exchange audioXI and aggregated listening platform GoLoud are also part of the company.
Speaking at a webinar for Trinity students on Thursday night Mr OBrien said he was was delighted with the offer. He went on to say that his decision had been influenced by the changing listening habits of consumers.
I just dont know whether a 12-year-old today who is going to be 15 in three years time is going to be listening to Spin, Mr OBrien said.
The move follows Mr OBriens sale of his 29 per cent shareholding in Independent News & Media (INM) in 2019 and marks his exit from the Irish media market.
Communicorp employees were informed of the sale on Thursday morning.
The companys chairwoman, Lucy Gaffney, said the agreement to sell marked the culmination of an exciting and dynamic journey for Communicorp.
Hundreds of incredibly talented and special people, both in front of and behind the mic, have made that journey possible and I want to thank them for their enormous contribution to the company. I also want to thank our advertisers, our stakeholders and especially our listeners, for their support and loyalty over many years.