Emap has announced that it has agreed the sale of its Republic of Ireland radio stations to Communicorp Group Ltd, a leading Irish and European radio group, on a debt free, cash free basis, for a cash consideration of €200m (approximately £135m). The sale is conditional upon obtaining certain necessary regulatory clearances which are expected to be obtained in the second half of the financial year.

Emap’s Republic of Ireland radio business comprises Today FM, FM104 and Highland Radio. Emap acquired these stations with Scottish Radio Holdings (SRH) in 2005. In the year to 31 March 2007, the business had revenue of £21m and operating profit of £7m. At 31 March 2007, the business had gross assets of £55m and a carrying value of £44m. The sale is expected to be free of tax to Emap and it is intended that the sale proceeds will be applied to reduce Group borrowings.

Commenting on the sale, Alun Cathcart, Executive Chairman, said:“The Republic of Ireland stations are great businesses, performing strongly with committed management and talent and we wish them every success under their new ownership. This sale, and the recent sale of Agor, demonstrates our absolute commitment to accelerating our strategic aim of generating value for our shareholders.”