Rupert Murdoch's News Corp is set to buy Wireless Group, which controls a number of Irish radio stations including FM104 and Q102.
Wireless Group was formerly UTV Media before the sale of its television assets, including UTV Ireland, to ITV.
As well the two Dublin stations, Wireless Group also controls Cork's 96 FM and C103, Live 95FM in Limerick, LMFM in northeast Leinster and Belfast-based U105.
As well as its Irish radio interests, the group also controls a number of UK media brands, including talkSPORT.
The all-cash offer values the company at approximately £220.3m.
Under the terms of the offer, Wireless shareholders will receive 315p per share, representing a premium of more than 70% on Wireless shares when they closed yesterday.
The offer indicated that Ireland and the UK are key markets for News Corp, while it added that "Wireless' audience complements the audience of The Sun" newspaper, which is also owned by Mr Murdoch.
"The proposed investment is a clear sign of our commitment to, and belief in, the United Kingdom as a place to do business successfully and profitably," commented Robert Thomson, the chief executive of News Corp.
"We look forward to welcoming Wireless into News Corp’s global family of businesses. With its strength in radio, as well as its digital and international growth potential, Wireless will help improve the engagement of our publishing brands, especially those within News UK.
"There is no doubt that Wireless is a company reborn since the sale of its television assets last year and we are excited by its prospects."
News Corp owns the Wall Street Journal and the Sun newspapers, as well as the Dow Jones wire service, the Times newspaper and HarperCollins publisher.
It is looking to diversify as print revenue across the industry declines due to a shift in reader preference to digital media.
Last year, the company bought Unruly Holdings, a UK-based video advertisement technology company, to get access to a technology that analyses historical sharing behaviour to predict the potential for video ads to go viral.
A spokesman for the Department of Communications said every media merger in the State has to be approved by the Minister for Communications, Energy and Natural resources before it can be completed, however no notification regarding this merger has been received by the department.