A GROUP of executives at Dublin alternative rock music radio station Phantom FM have agreed to sell their 19 per cent shareholding to Bay Broadcasting, an investment vehicle that is also a backer of 4FM and Radio Nova, The Irish Timeshas learned.
Wireless Media, whose backers include Phantom chief executive Ger Roe and station manager Simon Maher, have agreed to sell their holding in the loss-making station, subject to Broadcasting Authority of Ireland approval.
Mr Roe and Mr Maher founded Phantom and were the main architects behind its licence application about six years ago, having previously operated a pirate radio station of the same name.
Bay Broadcasting is backed by Kevin Branigan, managing director of Learning Ireland; businessman Mike Ormonde, and cinema owner Tom Anderson.
Bay also has a 22.5 per cent stake in multi-city radio station 4FM, and 36 per cent of Radio Nova, a classic rock station due on air by the end of this summer.
Speaking to The Irish Timesyesterday, Mr Branigan described Bay Broadcasting's proposed purchase of stock in Phantom as a "strategic investment".
He said the executives would continue in their roles with the station, in spite of liquidating their shareholdings. “We’re very happy with the executive team,” he said.
In relation to Phantom’s losses, Mr Branigan said: “We’re happy that the company is in a stable position.”
Phantom has been hit by a downturn in advertising revenue due to the recession. Accounts for the year to the end of October 2009 show it had accumulated losses of €2.3 million.
Phantom has a number of high-profile shareholders, including chairman Trevor Bowen of Principle Management, concert promoter Denis Desmond and U2 manager Paul McGuinness.
Phantom started life as a pirate station in the 1990s. It won a licence to operate an alternative rock station in Dublin in 2004, and went live two years later.
Latest JNLR radio listenership figures show it has a reach of 3 per cent and a market share of 1.5 per cent. Its target audience is 18 to 34-year-olds.
