Dominic Coyle

Thomas Crosbie Holdings has bought control of two Waterford radio stations - WLR and Beat FM. The Cork-based media group has acquired a 75 per cent stake in WLR FM, which broadcasts to Waterford city and county. WLR managing director Des Whelan retained a 25 per cent interest. No financial details have been disclosed.

Crosbie's has also taken a 75 per cent stake in Beat FM, the youth-oriented station that was launched in the region in July 2003. WLR had been a 30 per cent shareholder in Beat FM.

Mr Whelan, who held just under 10 per cent in Beat FM through his 30 per cent shareholding in WLR has increased that stake to 25 per cent as part of the deal.

WLR has been on the market for over a year following the decision by a number of its smaller shareholders to liquidate their position. Most had been with the station since it first aired in 1989.

They include radio technician Egidio Giani, who held a 28 per cent stake and a number of local businessmen, including Dawn Meats co-owner Peter Queally and Gerard Sheridan of the Sheridan Motor Group.

Beat FM's shareholders include former Waterford Wedgwood chief executive Redmond O'Donoghue, the Wexford People newspaper, Principle Management, Mean Fiddler Group and John Purcell.

The Crosbie acquisitions are subject to approval by the Broadcasting Commission of Ireland and the Competition Authority. In a statement last night, the company said no changes to management or staffing were envisaged.

© The Irish Times