Communicorp sells Latvia's first commercial radio station
Latvia’s first commercial radio station, established after the collapse of Soviet communism, has been sold by Ireland’s Communicorp.
AS Radio SWH Latvia has been acquired by Cinamon Holding OÜ, an Estonian based entertainment company that operates network of cinemas in the Baltic region.
AS Radio SWH launched 22 years ago as the first commercial radio station in Latvia. It was acquired by Denis O’Brien’s Communicorp Group in 2007.
Since then, the Latvian business has added four additional stations and the group is now the commercial market leader in its home market.
Commenting on the sale, Gervaise Slowey, group CEO of Communicorp said: “We are privileged to be part of the history of SWH, one of Latvia's greatest indigenous businesses. Communicorp is proud to have played its part in building the leading commercial radio group in the country. We would like to wish Cinamon on-going success”.
The sale takes place with immediate effect immediately. Communicorp’s businesses in Ireland, the UK and Bulgaria are unaffected by the sale.