A company owned by the Rabbitt family has completed the purchase of Highland Radio in Donegal from Denis O'Brien's Communicorp Group.

Orangold is owned by Gerry, Tim, Fionnuala Rabbitt and other family shareholders. The deal had been subject to the approval by the Broadcasting Commission of Ireland (BCI) which was obtained in the last few days.

Gerry Rabbitt is a founder shareholder of Galway Bay FM and was managing director of Galway Bay FM for 10 years before its sale to the Connacht Tribune in April 2006.

Highland Radio is the country's most popular local radio station with a 62% market share. Highland Radio employs 21 full-time and 40 part-time employees and is licensed by the BCI until March 2014.

Communicorp had bought Highland Radio last year as part of its acquisition of Emap's radio interests in Ireland, including Today FM.