Phantom, which last year had an 0.8% share of the adult listening market, was shown to have losses of €4.2 million in its last set of abridged accounts.
Thanking staff for their “dedication and patience”, Dublin Rock Radio Chairman Trevor Bowen said: “It’s with regret that we’re announcing the station’s proposed restructuring plan to continue to deliver an alternative music service for young Dubliners. However, in doing so, we’re ensuring the future of the offering.”
Phantom say they’ve been “disproportionately affected by ongoing reductions in advertising revenue in an increasingly competitive market.”
Reaction coming out of the station includes a tweet from weekend man Richie Ryan that reads: "Massive thanks to everyone who's been asking or sent messages; yeah, sadly I and almost all of my Phantom colleagues will be finishing up in a month. Gutted doesn't come close; today's was a hard show to do. Everyone's been so kind to us, it's hugely appreciated."
Shareholders in the station include Bowen and Paul McGuinness’ Evergreen Ventures; Denis O’Brien’s Communicorp Group and Gaiety Investments, which is controlled by MCD’s Denis Desmond.
Some sources are speculating that a name-change is being considered, along with a move outside peak hours to automated programming. Whether this is actually the case remains to be seen.