Denis O'Brien's Communicorp Group has sold its Latvian radio station ‘AS Radio SWH Latvia’ to Cinamon Holding, an Estonian-based entertainment company.
AS Radio SWH launched 22 years ago as the first commercial radio station in Latvia, and was acquired by Communicorp in 2007.
The Latvian station has has since increased its portfolio by four additional stations and the group is now the commercial market leader in Latvia.
Commenting on the sale, Group CEO of Communicorp Gervaise Slowey said: “We are privileged to be part of the history of SWH, one of Latvia's greatest indigenous businesses. Communicorp is proud to have played its part in building the leading commercial radio group in the country. We would like to wish Cinamon on-going success”.
The new ownership will take effect immediately, and Communicorp’s on-going business interests in Ireland, UK and Bulgaria are unaffected by the sale.
Communicorp owns 22 radio stations in three countries, including six in Ireland.