Denis O'Brien's Communicorp Group is close to acquiring the bulk of two radio stations in Bulgaria for at least €3 million.
Bulgarian media reports say Communicorp is on the point of finalising the acquisition of 70 per cent of Retro Radio and Radio Gong, two Sofia-based radio stations.
Communicorp already has a presence in Bulgaria, which is scheduled to enter the EU at some point over the next two years.
Two years ago, the firm bought Metromedia International, a company with radio interests in Bulgaria, the Czech Republic, Estonia, Finland and Hungary. The reported purchase price was $14.25 million (€11.3 million).
While the €3 million-plus price tag for the stake in Retro Radio and Radio Gong represents a considerably smaller deal for Communicorp, the move to increase Mr O'Brien's presence in Eastern Europe in advance of further EU expansion is significant.
More recently Communicorp also moved into Ukraine after buying two radio stations.
This brought Mr O'Brien's total radio portfolio to 33 stations, including 98FM and Spin 102.6 in Dublin.
In Bulgaria, Communicorp has been developing the "NRJ" brand across its stations.
Retro Radio is five years old and is wholly-owned by Bulgarian Radio Company. It targets 20-49 year-old professionals, delivering 24-hour programming to at least a third of Bulgaria's 7.5 million people.
Retro Radio shares offices with Radio Gong, Bulgaria's first sports radio station. The station specialises in broadcasting from international sporting events, such as the World Cup.
Communicorp, which has a stated ambition of becoming one of Europe's leading radio operators, requires the approval of Bulgaria's regulatory authorities before it can complete the deal.
