The alternative rock radio licence for Dublin has been awarded to the Phantom FM consortium, the Broadcasting Commission of Ireland (BCI) announced today.
Phantom is backed by Mr Paul McGuinness's Principle Management and Mr Denis Desmond's Gaiety Investments.
"We are absolutely ecstatic with the BCI's decision", said Mr Simon Maher, spokesman for the Phantom FM Consortium.
Mr Maher said: "We have campaigned long and hard for this licence since 1998 and have put together a financially strong, capable and experienced consortium".
He said the station will offer niche music aimed at alternative rock fans between 15 and 34 years-of-age. New Irish and unsigned musicians would feature strongly in the play lists he said.
The new station is expected to start broadcasting in the middle of next year with an estimated budget of €2 million. The station is expected to employ 27 full and part time employees and expects advertising sales of just under €1 million in its first year.
Other members of the consortium include, Mr Graham Molloy of Evolution PR & Marketing; Mr Brian Molloy of Westland Studios and Lunar Records; Mr Frank Gleeson, owner of Whelans and The Village venues and radio consultant Mr Paul Kavanagh.
Five applications for the licence were received and among those to lose out were the Raw consortium, backed by 98FM owner Mr Denis O'Brien and the UTV-backed XFM.
