The Irish Times sells its stake in Waterford's WLR FM to Daily Mail Group
The Irish Times Group is selling its 75 per cent stake in Waterford-based radio station WLR FM to the Daily Mail Group.
Under the acquisition, which is subject to regulatory approval, Des Whelan will continue as a part-owner, retaining his 25 per cent share.
The Irish Times became a shareholder in WLR FM when it acquired the Landmark Media Group in 2018.
It said the sale of the radio station shareholding is consistent with its strategy to prioritise and invest in its publishing titles to enhance its digital services for readers and subscribers, and to pursue new opportunities.
Chief Financial Officer of The Irish Times Group and director of WLR FM Michael Sheehan 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. I'd like to wish The Daily Mail Group, Paul Henderson, Michael Byrne, Des Whelan, and the wider WLR family the very best of luck on this exciting next step."
This is the Daily Mail Group’s first venture into radio, and their brands include Evoke, Extra.ie, OneFabDay.com, The Irish Daily Mail, The Irish Mail on Sunday, and Business Plus.
The Irish Times Group publishes The Irish Times, the Irish Examiner and Echo titles based in Cork, BreakingNews.ie, along with the Waterford News & Star, Western People, Roscommon Herald, Carlow Nationalist, Kildare Nationalist and Laois Nationalist. It also owns property website MyHome.ie.
Last year, it acquired RIP.ie, and sports data website ScoreBeo. It also acquired the remaining 50 per cent shareholding of Gloss Publications.
