Galway Bay FM joins Bay Broadcasting with new acquisition deal
Bay Broadcasting, an Irish radio group, has expanded its footprint by acquiring Galway Bay FM, marking its fourth radio station. With this acquisition, Bay Broadcasting now owns three other stations: Radio Nova, Sunshine 106.8, and Ireland’s Classic Hits Radio.
Details of the Acquisition
This strategic move aligns with Bay’s goal of improving its media assets and enhancing its market presence. Established in 1989, Galway Bay FM is a prominent station in the Galway region, known for delivering a diverse blend of programming, including news, sports, and local content.
Bay Broadcasting’s Background
Bay Broadcasting operates from Dublin and Cork, employing nearly 60 staff members. The company is owned by Step Investments, based in the Isle of Man. Founded in 2014, Step Investments manages a diverse portfolio across the media, hospitality, education, and medical sectors in both Ireland and Britain.
Financial Aspects
- Step Investments has a turnover exceeding €60 million.
- The acquisition was facilitated by a financing package of £3.7 million (€4.3 million) from Duke Capital Limited.
- Duke Capital’s total credit financing for Step Investments now stands at £15.2 million.
Statements from Management
Mike Ormonde, CEO of Step Investments, expressed excitement about the acquisition. He stated that Galway Bay FM has served as Galway’s voice for over 30 years. The company aims to enhance its commercial performance and expand its audience reach with the help of Bay’s experienced management team.
Future Prospects
This acquisition allows Bay Broadcasting to position itself as the second-largest commercial radio group in Ireland. Neil Johnson, CEO of Duke Capital, noted that Galway Bay FM fits perfectly into Bay’s existing portfolio and further strengthens its market position.
