Emap's Irish stations being eyed by private equity groups

by Mark Banham, Brand Republic 26-Mar-07, 09:20

LONDON - Speculation is mounting that Emap will sell off its Irish radio stations when it announces what are set to be, by the group's own admission, lacklustre results tomorrow.

According to reports in the Irish press, stations understood to be under threat of acquisition from interested private equity groups, and possibly Irish media group UTV, include national radio station Today FM, Dublin-based FM 104 and Donegal station Highland in an estimated £115m deal.

Reports suggest that the management restructure at Emap could entail as many as 400 job cuts across the group in editorial, administration and commercial operations. An estimated 30 cuts have already been made by the company's commercial arm Emap Advertising. The media group is now looking to save an estimated £20m a year over the next two financial years through cuts in staff and potential sell-offs.

According to the last interim results to September 31, group revenue was up 7% from £406m to £435m for the half year, driven by launches and acquisitions, although underlying revenues took a dip of 2%.

Since then, Emap has warned of difficult trading conditions.