Struggling UK media group Emap confirms that Irish radio stations are on selling block

Irish
Struggling UK media group Emap confirms that Irish radio stations are on selling block
By Finfacts Team
Mar 27, 2007, 08:28

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UK media group Emap confirmed today that it is looking at a possible sale of its radio stations in the Republic - Today FM, FM 104 and Highland Radio.

In a trading statement, the company said: We regularly review assets within our portfolio and against this background we are considering our options in relation to our Republic of Ireland radio stations. We intend to provide an update on this at our final results in May.

The stations are said to be valued at around €170m.

The company has been engaged in cost-cutting measures as it contends with falling revenues. Today's trading statement for the year to the end of March showed underlying radio revenues down 1% compared with a year earlier. Revenue at its magazines division was also down.

Emap said the 'existing difficult trading conditions' in consumer media markets would continue.