Sale agreement reached with investor backed management team.
Thursday 24th September 2015: Communicorp Group Limited today announced the sale of AS Radio SWH Latvia to Cinamon Holding OÜ, an Estonian based entertainment company with a network of pan-Baltic cinemas.
AS Radio SWH launched 22 years ago as the first commercial radio station in Latvia. Acquired by the Communicorp Group in 2007, it has increased its portfolio by 4 additional stations and the group is now the commercial market leaders in Latvia.
Commenting on the sale, Gervaise Slowey, Group CEO of Communicorp 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 ongoing success”.
The new ownership will take effect immediately. Communicorp’s on-going business interests in Ireland, UK and Bulgaria are unaffected by the sale.
Notes:
About Communicorp Group:
Communicorp Group Limited is Ireland’s premier media company and the home of some of Europe’s leading commercial media brands. Communicorp owns and operates a portfolio of media channels with a strong focus on commercial radio and emerging digital media.
The company maintains some of the largest independent radio networks in Ireland, Eastern Europe, and the UK and it continues to be one of the fastest growing radio networks in the world with 22 radio stations across 3 countries. In February of 2014, 8 regional UK radio stations joined the Communicorp stable and Communicorp UK is now the newest and fourth largest radio group in the United Kingdom. In Ireland, the group also operates ICAN, an integrated digital marketing and advertising solutions company employing 44 people.
For more information please contact:-
Caroline Reynolds, Communicorp Group Limited
creynolds@communicorp.ie