It has also been active in pushing its own digital ad network.
Bauer’s move for Denis O’Brien’s Communicorp comes amid mixed fortunes for radio stations in Ireland. While listenership has been strong, revenues have shrunk due to competition from online platforms and podcasting.
The most recent accounts for Communicorp show that while total group revenue for the year of 2019 was up 4pc to €43.8m and a profit of €1.6m was achieved, the pandemic had badly hit advertising revenue, which was down more 30pc in the second quarter of 2020.
On the other hand, Communicorp has found some new ways to expand its reach and revenue. Its
Communicorp Group set to be sold to Bauer Media
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Bauer Media Audio Agrees Deal to Buy Denis O Brien s Communicorp
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Bauer Media Audio agrees deal for Denis O Brien s Communicorp
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Denis O’Brien’s radio business Communicorp Group moved into profit last year after a simplification and restructuring of the group over the previous two years boosted its bottom line.
Accounts just filed show Communicorp reported total group revenue for the year of €43.8m – up 4pc on a like-for-like basis and more once the acquisition of an outstanding stake in Spin South West is accounted for.
A smaller rise in operating costs left the group generating an end of year after-tax profit of €1.559m. That compared to a €700,000 loss in 2018.
Finance Director Joe Dempsey said the sharp rise in profitability reflected the benefits of restructuring of the group in 2017 and 2018 that left Communicorp as a core Irish radio business after exiting what had been a complicated mix of international radio, media sales and consumer businesses.