Entrepreneur Mr Denis O'Brien has told the directors of NewsTalk 106 he would continue to financially support the station despite low listenership figures over the past year.
It is understood that Mr O'Brien spoke to the directors of the station personally in the past three weeks to assure them he would not be withdrawing from the project. In a visit to the station, Mr O'Brien - now the station's biggest shareholder - spoke to some staff and offered his encouragement.
However, he did tell the station's shareholders that the station needs to become commercially successful and capture a larger segment of the Dublin market.
Mr O'Brien's company Radio 2000 has the largest stake in NewsTalk with approximately 40 per cent of the equity. The next biggest shareholder is Setanta Media.
Mr O'Brien does not sit on the board of the station, but two of his representatives, Ms Deborah Fagan and Mr Paddy Halpenny, have seats. Since going on air in April 2002, Radio 2000 has contributed to all fund-raisings and, consequently, its share of the company has grown.
The station has only a 2 per cent listenership figure but, in the past six months, there have been signs of an improvement. Mr Aidan Dunne, chief executive, said female listenership was improving dramatically and the next JNLR figures would be very promising.
The station's results are expected to be announced shortly with large losses forecast. However, the directors believe the station can find a niche if given sufficient time.
The station has previously stated it would like a national licence but this would need the support of the Broadcasting Commission of Ireland (BCI).
The BCI is considering introducing four new licences into the Dublin market, which might create difficulties for NewsTalk and other recently established stations.
The deadline for expressions of interest is September 12th and it is understood some of Mr O'Brien's radio companies may submit an expression of interest. Other radio figures such as Mr Al Dunne and Mr Martin Block, who have both worked with Lite FM, have indicated they may apply. UTV has expressed an interest and there is likely to be interest from several British media companies.
