RIVERDEEP FOUNDERS Barry O'Callaghan and Pat McDonagh are backing a bid for a proposed classic rock radio licence in Dublin.

The pair are part of a consortium backing Radio Nova 100's application, which was one of three received by the Broadcasting Commission of Ireland (BCI) yesterday.

This is thought to be the first time that either of the wealthy businessmen has backed an application for a commercial radio licence here.

Other members of the Nova consortium include Vienna Investments, which is headed by former FM104 chief executive Dermot Hanrahan; Des Whelan, chief executive of WLR FM in Waterford; and aviation executive Ulick McEvaddy.

Nova, which was named after a Dublin pirate radio station that closed in 1983, will face competition from Classic Rock, which is backed by East Coast radio in Bray, Co Wicklow; and Rock Radio, which is supported by Phantom FM, which already operates an alternative rock service in Dublin.

Nova said it would employ 20 full-time and 12 part-time staff across programming, marketing, sales and administration, and will operate from Dún Laoghaire.

It has projected its initial launch costs at €3.8 million.

Nova is forecasting modest revenue in year one of €1.2 million, rising to €3.5 million by the end of its fifth year.

Nova expects to hit profitability in its fourth year of operation.

The classic rock licence on offer is aimed at over 25s. The BCI is expected to invite applicants to oral hearings in October, with a decision likely before the year end.