Bauer Media Audio has received full regulatory clearance to complete their acquisition of Communicorp Group which will see the German media giant purchase 98FM, Today FM, Newstalk, Spin1038 and Spin South West in Ireland.
The sale is due to be completed on May 31st and speaking about the news,
Paul Keenan, President of Audio comments,
“We are excited to be one step closer to entering Ireland. This is a fantastic addition to Bauer Media Audio, and we see great opportunities to further develop the business. while continuing to play an important cultural role in Ireland with trusted news, talented presenters offered within well-known brands.”.
In a separate statement released on Friday afternoon, Communicorp Group said:
Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media Catherine Martin TD has confirmed that following an initial media merger examination, the proposed acquisition of Communicorp Group by Bauer Media Audio Holdings GmbH can proceed as it is not contrary to the public interest in protecting the plurality of media in the state.
The confirmation from Minister Martin completes all phases of required regulatory approval and follows approvals from The Broadcasting Authority of Ireland and The Competition and Consumer Protection Commission.
It is anticipated that the acquisition will complete on May 31st, 2021.