Tuesday 6 December 2016

Shareholders green light Wireless takeover

Published 19/08/2016 | 02:30

Rupert Murdoch acquired Wireless Group, the owner of a raft of radio stations in the UK and Ireland including Dublin's Q102, and FM104.
Rupert Murdoch acquired Wireless Group, the owner of a raft of radio stations in the UK and Ireland including Dublin's Q102, and FM104.

The acquisition of seven high-profile radio stations by Rupert Murdoch's News Corporation has been backed by shareholders.

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News Corporation tabled a £220m bid in June to buy Northern Ireland-based Wireless Group, formerly UTV.

The sale includes stations in Ireland such as Dublin's FM104 and Cork's 96FM.

News Corporation said acceptances in respect of over 92pc of Wireless shares have now been received, enabling the deal to go unconditional.

The deal was initially announced at the end of June with News Corporation looking to take advantage of the company's comprehensive sport coverage through talkSPORT. The sports radio broadcaster has 3.2 million listeners with exclusive commentary rights to Premier League games.

In Ireland, Wireless Group's radio stations made a combined operating profit of £4.3m (€4.99m).

Wireless Group was formed after the TV assets of UTV were sold to ITV.

Irish Independent

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