Businessman Denis O'Brien has confirmed that Communicorp has completed the purchase of Emap’s radio interests in Ireland.
Mr O'Brien has also warned against the dangers of talking down the economy.
The deal, which was agreed last year subject to the approval of the Broadcasting Commission of Ireland, sees Communicorp take control of a number of stations including Today FM and Highland Radio.
The BCI and the Competition Authority gave Communicorp the green light to purchase Today and Highland, with the proviso that it would have to offload Dublin station FM104.
Last month it emerged that UTV have entered an agreement to buy FM104.
Speaking today, Mr O'Brien expressed his delight at tying up the Emap deal.
'This purchase represents a major expansion of Communicorp’s portfolio of radio interests,' he said.
'In particular, Today FM is a leading Irish brand which has grown its market share strongly and offers a distinct alternative to RTÉ Radio in the national radio sector,' he added.
He went on, however, to issue a warning about the doom and gloom currently overshadowing the Irish economy, saying that Ireland is still an attractive place to invest.
'The Irish economy is, I believe, fundamentally strong and continued investment in infrastructure, especially education and health, will yield further social and economic advancement in the years and decades ahead,' the entrepreneur said.
'It is imperative that we do not talk ourselves into recession. And it is most important that the hopes and ambitions of the next generation are not discouraged or deflated by negativity.'
