Exciting Completion of Galway Bay FM Sale with £3.7M Investment Boost
The acquisition of Galway Bay FM has reached an exciting milestone, backed by a £3.7 million investment from Duke Capital. This funding supports Bay Broadcasting, a major player in the Irish radio industry.
Investment Details
Duke Capital provides hybrid capital to small and medium-sized enterprises in Europe and North America. The investment is funneled through Step Investments, a key shareholder in Bay Broadcasting. This financial boost allows Bay Broadcasting to finalize the purchase of Western Community Broadcasting Services, which operates Galway Bay FM.
About Bay Broadcasting
- Bay Broadcasting is the largest Irish-owned radio group.
- It owns multiple stations, including Classic Hits, Radio Nova, and Sunshine 106.8.
Strategic Plans
According to Mike Ormonde, CEO of Step Investments, this acquisition aligns with their strategy to invest in high-quality media assets. Galway Bay FM, a staple in the Galway community for over 30 years, has a weekly audience of approximately 132,000 listeners.
Leadership Changes
- Fionnuala Rabbitt has been appointed as the new CEO of Galway Bay FM.
- She previously led Highland Radio in Donegal since 2015.
- Keith Finnegan has taken on the role of chairman.
Station’s Legacy
Founded in 1989 as Radio West, the station rebranded to Galway Bay FM in 1993. The previous owner, Connacht Tribune Ltd, became the sole owner in 2006, having initially held a 27% stake.
Rabbitt expressed her enthusiasm about returning to Galway Bay FM, stating it is “truly special” to come back to her broadcasting roots. Kevin Branigan, CEO of Bay Broadcasting, emphasized their commitment to enhancing the station’s growth while honoring its legacy as the voice of Galway.
This acquisition positions Bay Broadcasting to expand its influence and potentially become the second-largest commercial radio group in Ireland.
