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Sale of Newstalk

  • 30-04-2017 5:51pm
    #1
    Elmo
    Registered Users, Registered Users 2 Posts: 23,641 ✭✭✭✭


    Can anyone give a reason for suggestions of the sale of Newstalk by Communicorp? I have read a few articles that IMN are interested but why would Communicorp sell Newstalk? Particularly as it stands with a good set of Radio Broadcasters.


Comments

  • #2
    IRE60
    Registered Users, Registered Users 2 Posts: 1,884 ✭✭✭IRE60


    I don’t think that necessarily the sequence of events! And given that the IN&M CEO sought and got protection of the Director of Corporate Enforcement along with another executive – I think that the matter is not over yet.
    https://fora.ie/inm-dispute-shareholders-3108486-Nov2016/


  • #3
    Elmo
    Registered Users, Registered Users 2 Posts: 23,641 ✭✭✭✭Elmo


    IRE60 wrote: »
    I don’t think that necessarily the sequence of events! And given that the IN&M CEO sought and got protection of the Director of Corporate Enforcement along with another executive – I think that the matter is not over yet.
    https://fora.ie/inm-dispute-shareholders-3108486-Nov2016/

    Doesn't explain to me why communicorp are looking to sell Newstalk. Seems as if INM are interested but communicorp aren't going out of their way to sell the radio station to another buyer.


  • #4
    IRE60
    Registered Users, Registered Users 2 Posts: 1,884 ✭✭✭IRE60


    Elmo wrote: »
    Doesn't explain to me why communicorp are looking to sell Newstalk. Seems as if INM are interested but communicorp aren't going out of their way to sell the radio station to another buyer.

    My reading of the situation is that IN&M are not really that interested in buying the station and low balled the bid. Communicorp had a valuation on it and were looking IN&M to come up to that – which their CEO didn’t go for, falling out with his Chairman in the process (who look’s as if he wanted the CEO to pay the higher amount).
    Communicorp lost 3.5m odd on their radio business last year – perhaps Newstalk is the ‘whale’ and the one haemorrhaging (the most) money. Maybe that's why they want to rid themselves of the station and decided to ‘offer’ it to a close friend!


  • #5
    Elmo
    Registered Users, Registered Users 2 Posts: 23,641 ✭✭✭✭Elmo


    IRE60 wrote: »
    My reading of the situation is that IN&M are not really that interested in buying the station and low balled the bid. Communicorp had a valuation on it and were looking IN&M to come up to that – which their CEO didn’t go for, falling out with his Chairman in the process (who look’s as if he wanted the CEO to pay the higher amount).
    Communicorp lost 3.5m odd on their radio business last year – perhaps Newstalk is the ‘whale’ and the one haemorrhaging (the most) money. Maybe that's why they want to rid themselves of the station and decided to ‘offer’ it to a close friend!

    CEO seems intelligent why pay over the odds for a company that another is trying to wash their hands of,regardless of your "friendship".


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