Denis O'Brien's Communicorp purchases three radio stations Today FM, FM104 and Highland Radio - for €200 million from Emap.
Communicorp already owns Newstalk, 98FM and Spin FM. The takeover has yet to be approved by the Competition Authority and the Broadcasting Commission of Ireland.
Radio is big business and people are prepared to pay big money to get involved.
The deal is the largest multiple of profits paid for any radio station assets in Ireland.
Chief Executive of Today FM Willie O'Reilly describes the 3 stations that are part of the deal as "three prized assets". The Irish Times and UTV were among the other bidders.
Philip O'Sullivan of Goodbody Stockbrokers believes that the Competition Authority may have issues with the deal as it will give Communicorp a 45% market share in Dublin.
Most observers believe Denis O'Brien will have to sell off something to keep the Competition Authority happy.
An RTÉ News report broadcast on 16 July 2007. The reporter is David Murphy.