Radio executives buy out shareholders of Kildare’s Kfm station
Radio executives buy out shareholders of Kildare's Kfm station
Kildare's local radio station, Kfm, has been bought outright by existing director shareholders CEO Clem Ryan and Seán Ashmore.
They have bought out a number of shareholders in a transaction valuing the business at €3m, it is understood. This includes the station's offices and studios.
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A number of existing shareholders, including David Mongey of Mongey Communications and Liam Ross of the golf buggy supply firm The Buggyman, decided to exit the group, which is chaired by Anna May McHugh, managing director of the National Ploughing Championships.
Ashmore is a founding member of Kfm and is the majority shareholder of Wicklow's East Coast FM, as well as a significant shareholder in Dublin's Sunshine 106.8. He is CEO of multi-city radio station Classic Hits and is a director of Spirit Radio.
Ryan, also a founding member of Kfm, said buying out the business "represented an unmissable opportunity" for himself and Ashmore.
"Kfm's presence in the vibrant Greater Dublin commuter belt makes it one of the most attractive investment opportunities in this sector of the Irish media today," he said.
"Kildare is a strong commercial centre and one of the country's fastest-growing population areas. "This investment is a great vote of confidence in Kfm. We are looking forward to building on our station's success long into the future." The shareholding purchase was completed last week and has the prior approval of the Broadcasting Authority of Ireland.
Sunday Indo Business