DMG Media moves into radio with WLR acquisition
The Sound of Waterford – WLR FM was named the IMRO Radio Awards Local Station of the Year. Picture Andres Poveda
The Daily Mail Group has agreed to acquire The Irish Times’ seventy five per cent shareholding in WLR FM, marking the organisation’s first step into radio in Ireland.
The Share Purchase Agreement was signed on Tuesday and is now subject to regulatory approval.
WLR Director Des Whelan will remain as a part-owner, retaining his twenty five per cent share under the new structure.
The Irish Times became a shareholder in WLR in 2018 through its purchase of Landmark Media Group, the former owner of the Examiner, the Echo and a number of regional titles.
The divestment completes the group’s move away from radio as it focuses on investing in its publishing titles and strengthening digital services for readers and subscribers.
The group had already sold its shareholdings in Beat 102-103 and Cork’s Red FM, which were also part of Landmark.
Irish Times Group Chief Financial Officer Michael Sheehan said WLR has been central to Waterford for many years and that the transaction gives the station an opportunity to begin a new chapter.
Michael thanked staff for their dedication over the decades and highlighted the station’s achievement of winning local radio station of the year five times since last year.
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