The Competition Authority has confirmed it's to further examine the proposed €30m takeover of Dublin music station FM104 by Scottish Radio Holdings, owners of Today FM.
The Competition Authority now has another three months to decide whether or not to approve the merger. A spokesman for the Authority said today it was 'seeking more information and clarification' on the proposed deal.
Under competition law, if the Authority considers there to be 'no substantial lessening of competition' from a merger it will get approval in Phase 1 of an examination. The FM104-SRH deal has now moved to Phase 2.
Industry sources believe the deal could have a major impact on the Dublin music radio advertising market. A spokesman for SRH said this evening it would continue to co-operate and assist the Authority in its investigation and that it intended to continue to invest in Ireland.
