Business Irish

Wednesday 24 May 2017

'Global' tune-up will axe 200 jobs

DISPATCHES from across the water reveal that a UK radio group backed by Irish tycoons Dermot Desmond, John Magnier and JP McManus is taking advantage of new regional radio rules to cut costs.

The trio's Global Radio plans to turn 33 of its regional Heart stations into 15 "super stations", eliminating some 200 jobs in the process following a recent relaxation of the rules for local radio news output.

The rejig will require £7m (€8.4m) in restructuring costs at the Global group, a drop in the ocean against the £375m the radio moguls paid to buy Heart owner G Cap.

Irish Independent

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