A group of high profile Irish investors have bought the radio business of UK media group Chrysalis for €250m.

The stations have been bought by Lydian Capital Partners a Geneva based invesment company backed by John Magnier, JP McManus, Dermot Desmond and Denis Brosnan.  

The investment is headed by former chief executive of ITV Charles Allen.

Over the past few years the radio owners have been hit by a slide in advertising revenues.

The sale of the radio business, which includes commercial radio station Heart, follows a strategic review announced in February and comes at the lower end of the price range expected by analysts.