The Irish Times media group has sold its 75 per cent shareholding in Waterford-based radio station WLR FM to the Daily Mail Group for an undisclosed sum.
The deal is subject to regulatory approval, with the purchase agreement signed on Tuesday. Des Whelan will continue as a part-owner of the broadcaster, retaining his 25 per cent share.
The Irish Times became a shareholder in WLR FM when it acquired the Cork-based Landmark Media Group, publisher of the Examiner and Echo titles and a number of regional publishers, in 2018.
Staff at The Irish Times were told that the sale of the radio station shareholding was consistent with the group’s strategy to prioritise and invest in its publishing titles and to enhance its digital services for readers and subscribers.
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Commenting on the agreement, Michael Sheehan, chief financial officer of The Irish Times group and a director of WLR FM, said: “WLR has been at the heart of Waterford for years and this transaction provides one of the most successful and well-run local radio stations in the country an opportunity to embark on a new chapter.
“I’d like to thank the staff for their commitment and dedication to the station over the last number of decades, which has helped it achieve the title of local radio station of the year five times since 2019. I’m confident that as a valued brand within DMG Media, the station will continue to soar to even greater heights.”
This is the Daily Mail Group’s first venture into radio here. Other brands here include Evoke, Extra.ie, OneFabDay.com, The Irish Daily Mail, The Irish Mail on Sunday, and Business Plus magazine.
Having had its roots in pirate radio, WLR secured a local licence, went on air in September 1989 and describes itself as Waterford’s biggest radio station. In 2007, a majority shareholding was acquired by Thomas Crosbie Holdings, which later became Landmark Media Group.
Two years ago, the station signed a new 10-year licensing agreement out to 2033. The station operates under a licence from Coimisiún na Meán.
The Irish Times had previously sold its shareholdings in regional broadcaster Beat 102-103, and Red FM in Cork to Bauer Media. Those stations had also been part of Landmark Media Group.
