Radio Nova owner to buy Galway Bay FM
Galway Bay FM has been part of the Connacht Tribune since 2006, when the newspaper bought out other shareholders in the local radio station at a cost of €20m. It already held a 27pc stake.
The Connacht Tribune itself is to be purchased by Malcolm Denmark's Iconic Media Group, which is already the biggest regional newspaper publisher in the State. Three Galway families – the Allens, Naughtons and Hickeys – own the Tribune group, and it was reported last year they had hired IBI Corporate Finance to find a buyer for its assets.
The Competition and Consumer Protection Commission said last week it had been formally notified of the proposed acquisition of the Galway-based newspaper by Formpress Publishing, part of the Iconic group.
Media reports had initially linked Bauer Media to the purchase of Galway Bay FM. The owner of national stations Today FM and Newstalk has recently added Red FM, iRadio and Beat 102-103 to its stable.
Instead the acquisition is being made by Bay Broadcasting Ltd, whose chief executive is Kevin Branigan, who is the co-owner along with Michael Ormonde.
Mr Branigan has previously characterised the Dublin radio scene as a David and Goliath struggle, with Bay Broadcasting taking on 'billionaire owners'. Of late, however, Radio Nova has been the music station with the biggest market share in Dublin, helped by the success of its 'Morning Glory' show presented by Jim McCabe and comedian PJ Gallagher.
Last year Mr Branigan wrote to the director general of RTE and to Catherine Martin, the then media minister, offering to buy 2FM for €10m. He said the station could have a positive future, but that 'should be in the private sector and not as a part of RTÉ'. The offer was rejected.
The pace of consolidation within local media is quickening, with newspapers in particular coming under the control of a handful of big groups. While there may be some concerns about an over concentration of ownership, regulators must also take into account that some regional media operations will not survive financially unless they become part of bigger stables.
Earlier this year Midlands 103, which is ultimately owned by the Tindle Group, bought South East Radio. The Tindle Group operates regional newspapers and radio stations across the UK and the Channel Islands, and Midlands 103, locally managed and serving Laois, Offaly and Westmeath, had been its only station in Ireland.
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