The father of Irish golfer Paul McGinley is among the beneficiaries of the €7 million sale of Highland Radio to Scottish Radio Holdings (SRH).
Michael McGinley, a senior executive with the telecoms company, Sigma Wireless, is among seven shareholders set to share equally in the windfall. The purchase just needs the approval of the Minister for Enterprise, Trade and Employment, Micheál Martin, and the Competition Authority.
The other shareholders who stand to gain are Charlie Collins, the station's chief executive; Shaun Doherty, a radio broadcaster based in Derry; Con Friel, an investment consultant; Tony Boyle, another leading Sigma executive; Willie Patterson, a company director; and Patrick Keeney, a company director from Lifford, Co Donegal.
Charlie Collins is expected to continue in his role following the purchase. He said yesterday several new shareholders bought into the station a few years ago and they were now recouping that investment. He said he was confident under new management the station would grow even further.
SRH said the cash-based deal would be earnings enhancing immediately. The transaction has been approved in principle by the Broadcasting Commission of Ireland.
Highland Radio has been operating since 1990 and has a broadcasting licence until 2014. In the financial year to March 31st, 2005, it generated turnover of €2.1 million and operating profits of €275,000. At that date its net assets were €1.1 million.
SRH already owns several radio stations in the Republic, including Today FM and FM 104. It also publishes five weekly local papers in the Republic. SRH chief executive David Goode said the purchase underlined SRH's commitment to the Irish market.
