Radio boss 'in the dark' over deal collapse
The chairman of Radio Kerry has admitted he is in the dark over why the station's planned €2.67m purchase of Clare FM and a controlling 70pc stake in Tipp FM collapsed.
In a letter to around 500 Clare FM shareholders, Tim O'Keeffe has told them that "it was for reasons beyond our knowledge that the deal did not complete".
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Mr O'Keeffe said: "As a company we are extremely disappointed that it has not been possible to close the deal to everyone's satisfaction."
He stressed that Radio Kerry remained committed at all times to completing the deal. Mr O'Keeffe added his belief that consolidation within the industry is inevitable.
However, a spokesman for the owners of Clare FM, Clare Community Radio Holdings Ltd (CCRH) said yesterday: "We are very disappointed by the contents of the letter sent to our shareholders by Kerry Acquisitions Ltd. The Board of CCRH, as always, will deal directly with our shareholders on this statement.
"Our primary focus now is on growing our offering as the most listened-to radio stations in Clare and Tipperary, and the wider commercial success of both stations as the voice of the counties they proudly serve," he added.