UTV and entrepreneur Denis O'Brien are among those who have lost out in the race to win the alternative rock radio licence for Dublin, it has emerged.
While an official announcement is not expected until today from the Broadcasting Commission of Ireland (BCI), last night it emerged that Zed FM and Phantom FM were the only two groups to make a shortlist. These two will be invited to make submissions at an oral hearing in mid-October.
Mr O'Brien was among the shareholders behind the Raw consortium. Other shareholders included Mr Lee Thompson, formerly of Yahoo, who would have controlled 25 per cent, while entrepreneur Mr Kevin Fitzsimons was planning to take a similar stake. Mr O'Brien was to take a 17.5 per cent stake.
There will also be severe disappointment at UTV over the shortlist decision. UTV was backing a proposed service called XFM Dublin, along with London-based Capital Radio. UTV was to be the dominant shareholder taking an 80 per cent holding, with Capital taking 10 per cent. The remaining shareholder was Absolute Radio International, a three-man media consultancy headed by former Atlantic 252 chairman Mr Donnacha O'Driscoll.
The other consortium was Radio Eleven which was backed by investors led by Abrakebabra founder Mr Graeme Beere, who owned 30 per cent of the group's equity. The consortium also included property developer Mr Johnny Ronan, night-club owner and restaurateur Mr Robbie Fox and barrister Mr Gavin Bonnar, who is married to popstar Ms Sharon Corr.
The Phantom FM consortium consists of Phantom FM, a station which has been specialising in alternative rock services for several years - for a time as a pirate and later as a licensed weekend operator. Phantom is backed by Mr Paul McGuinness's Principle Management and Mr Denis Desmond's Gaiety Investments.
Zed FM is fronted by former FM 104 chief executive, Mr Dermot Hanrahan. Also involved are Peter and Jim Aiken of music promoters Aiken Promotions, as is singer and Live Aid founder Mr Bob Geldof. Ms Barbara Galavan, formerly of Principle Management, is also involved. Hot Press magazine, which is owned by Mr Niall Stokes, a former chairman of the BCI's predecessor, the IRTC, would take 24 per cent.
