Classic Hits owner acquires Galway Bay FM for ‘seven-figure sum'
The owner of Classic Hits FM, Bay Broadcasting, has confirmed the acquisition of Galway Bay FM which has a weekly listenership of 132,000 for a 'seven-figure sum', pending regulatory approval.
Bay Broadcasting, the owners of Radio Nova, Classic Hits and Sunshine 106.8, is set to add the 25-employee station to its stable, the company confirmed to The Irish Times.
The director of Bay Broadcasting, Kevin Branigan, said Galway Bay FM 'stands out as one of Ireland's most respected local stations' and said it possesses a 'loyal audience and a strong local identity'.
'It's one of the most enduring local radio stations in the country and its track record speaks for itself. We look forward to working with the excellent team in Galway Bay FM and to continuing the station's proud position as the leading radio service in Galway,' he said.
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The station's chairman, Peter Allen, speaking on behalf of the departing shareholders said there had been 'several interested parties' but added that the eventual winning party was the 'clear choice'.
The purchase of Galway Bay FM will bring Bay Broadcasting's national listenership figures to 810,000, which it said will make them the second largest radio group in the State. The acquisition would, they said, lead to them overtaking Onic, the owner of Fm104 and Q102, which has 796,000 listeners.
The acquisition has already been approved by Coimisiún na Meán but is subject to Competition and Consumer Protection Commission and ministerial approval.
Galway Bay FM originally launched under the name Radio West in 1989 before rebranding in 1993. The Connacht Tribune Ltd, which first owned a 27 per cent stake, became sole owners in 2006.
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