UTV has bought Dublin radio station FM104 from businessman Denis O'Brien's Communicorp for €52 million in cash.
UTV said the acquisition will be financed through new bank facilities and the placing of 2,740,000 new ordinary shares of 5p each.
FM104 had revenues of €9.5 million in the year to the end of March. The station had a weekday listening share of all adults for the year to September 30th of 12.5 per cent and a weekly market reach of 31 per cent.
The station has a 26 per cent share in its key 15 to 34 year-old-age group.
UTV Media chief executive John McCann said: "Together with Q102 in Dublin and our stations in Cork, Limerick, Dundalk/Drogheda and Belfast, this acquisition enables our multimedia offering throughout Ireland to take a significant step forward."