German group Bauer Media has bought Cork radio station Red FM for an undisclosed sum. The acquisition extends Bauer’s stable of Irish stations which already includes Today FM, Newstalk and 98FM. Red FM’s majority shareholder is Vienna Investments, owned by Pearse Farrell and Bernadette Keogh. The Irish Times has a 17.6 per cent stake in the business.
The deal is subject to regulatory approval from the Competition & Consumer Protection Commission (CCPC) and the Minister for Communications Catherine Martin TD. Red FM has the biggest share of peak-time listening in Cork with over 129,000 listeners. The proposal coincides with the release of the latest JNLR report, which covers the year up to September.
The average adult listens to radio for over 4.3 hours on a daily basis.
Radiocentre Ireland says 91 per cent of Irish adults and 87 per cent of 15-34 year olds listen to radio weekdays. Over 2.1 million adults tune into their local or regional station daily. Some 5.2 per cent of adult listening is through a smart speaker while listening via a mobile device accounts for 3.3 per cent, increasing to 8.2 per cent and 6.5 per cent for the 15-34 cohort.
Pictured above is Diarmuid O’Leary, chief executive officer, Red FM
