RICHARD FINDLAY’S reputed €52 million takeover of five local radio stations here appears to have moved a step closer.
It is understood that the Scot began a whistlestop tour of the stations this week to meet key staff and presenters.
He is expected in the northwest today to meet the staff of Ocean FM.
It seems an unusual move by Findlay, whose bid is being backed, in part, by AIB. Prospective new owners don’t usually meet with staff until a deal is signed, sealed and delivered.
Findlay is no doubt keen to know that the “talent”, as they call presenters and DJs in the radio game, will not take flight if he takes over the stations.
Findlay was granted a 90-day exclusivity period in mid June to carry out due diligence on the stations – Ocean, KFM, Tipp FM, Mid West and KCLR. This is being conducted by PricewaterhouseCoopers.
It will be a few weeks yet before the owners know for sure whether Findlay will proceed with what is a highly unusual deal, given that the stations operate independently of each other and there are no obvious synergies to be gained by buying them as a job lot.
With a recession just around the corner, the station owners will no doubt be hoping that he doesn’t try to lower the price tag.
