""The acquisition of Galway Bay FM represents an exciting addition to Bay's growing radio portfolio and aligns with our strategy of investing in high-quality media assets. It has been the voice of Galway for over three decades, and with the support of Bay's experienced management team, we see a clear opportunity to strengthen its commercial performance, broaden its reach and move Bay into the position of being the second largest commercial radio group in Ireland.""
"Duke Capital, which is a provider of hybrid capital to SME business owners in Europe and North America, put the £3.7m into its existing capital partner Step Investments, which is a shareholder in Bay. "This investment will enable Step's radio-focused subsidiary, Bay Broadcasting, to complete the acquisition of Western Community Broadcasting Services (Galway Bay FM) and expand its portfolio," Duke said. Step is a diversified investment group, with interests in cinema, digital and outdoor advertising as well as radio stations in the UK and Ireland."
Bay Broadcasting has bought Galway Bay FM following a £3.7m investment by Duke Capital into Step Investments, a shareholder in Bay. Bay already owns Classic Hits, Radio Nova and Sunshine 106.8. Step's radio-focused subsidiary, Bay Broadcasting, will complete the acquisition of Western Community Broadcasting Services (Galway Bay FM) and expand its portfolio. Step holds interests in cinema, digital and outdoor advertising as well as radio stations in the UK and Ireland. Duke has supported Step for over seven years and its credit financing now totals £15.2m, with the latest terms including a starting yield of 13.5pc. Galway Bay FM has a weekly listenership of 132,000, and Fionnuala Rabbitt has been appointed chief executive with Keith Finnegan as chairman.
Read at Irish Independent
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