One of the largest media operators in the country plans to buy troubled Dublin radio station Country 106.8 FM.
Scottish Radio Holdings (SRH) have reached agreement in principle with the directors of Star Broadcasting to buy 100 per cent of the company. The Broadcasting Commission of Ireland has confirmed the sale can go ahead, pending the outcome of final negotiations between SRH and Star.
One of Star's director's Mr David Harvey told ireland.comthat the company was under-capitalised and the SRH buy-out would create the revenue needed to market the station. He said the station's target of 2 per cent market reach in its first year had been met according to the latest JNLR figures and that he was confident there was a market for country music in Dublin.
'There's certainly a market for the station but what is needed was a good shot in the arm. We need people to know its there,' he said.
Despite drastic staffing cut-backs since the start of the year which saw the sales team leave along with breakfast show presenter Gerry Wilson and drivetime presenter Stephen Keogh, the station was still failing to attract sufficient advertising to meet its costs.
Some former staff at the station went unpaid for a period but Mr Harvey says that this was of their own volition.
Mr Harvey, whose fellow directors include Fianna Fáil senator Mr Paschal Mooney; musician, Paddy Cole and venture-capital company Yeoman, says he hopes to finalise arrangements for the buyout over the next six weeks.
SRH are the second largest regional newspaper owner in Ireland and last year bought the Kilkenny People group for over €35 million. The company has considerable media interests in Britain, is the biggest producer of weekly newspapers in Northern Ireland and owns the two largest independent radio stations in the North, Cool FM and Downtown Radio. It also owns the Republic's only independent national radio station Today FM.