Dreamglade Ltd, an investor group of Tipperary and Clare broadcast media interests, has announced the acquisition of a controlling shareholding in Tipp FM from the Irish Press Group, subject to approval of the Competition Authority.
The acquisition by Dreamglade, of which Clare FM is the lead shareholder, follows the establishment of a strategic cost-sharing alliance between the two radio stations last year.
The acquisition, for an undisclosed sum, has already been approved by the Broadcasting Authority of Ireland and follows the recent confirmation that the station is the only applicant for the recently advertised Licence for the County Tipperary Franchise. Tipp FM’s existing licence expires this year.
Mr Liam O’Shea, from Cloughjordan, Co. Tipperary, who is Managing Director of both Tipp FM and Clare FM since the alliance was established, said: “As a native of the county I am delighted at this news. Tipp FM is the dominant player in Co. Tipperary and consistently one of the top three Radio Stations in the country.
Confirming the deal, Chairman of Irish Press Plc, Eamon de Valera said: “This sale is the natural progression to the strategic alliance formed last year and we are pleased that our controlling interest has been acquired by Dreamglade Ltd. I am confident that Liam and Dreamglade Ltd will build on the progress already made.”
Tipp FM Chairman Michael Crowley added: “An investment of this nature by an experienced consortium such as this is a significant vote of confidence in Tipp FM. This is a really exciting moment for Tipp FM and I’m really looking forward to our station’s continued success long into the future.’’