Bauer Media Audio, one of Europe's leading commercial radio broadcasters, have announced that they have entered into an agreement to acquire Denis O'Brien's Communicorp Group – which owns Newstalk, Today FM, Spin 1038, Spin Southwest and 98fm. It is understood that Bauer will pay in excess of €100 million for Communicrop.

Through the acquisition, which is subject to regulatory approval, Bauer Media Audio enters Ireland and. extends its audio business to eight countries.

"Radio is very popular in Ireland with more than 80% of the population tuning in every week", commented Paul Keenan, President of Bauer Media Audio. "The industry makes a vital and much-valued contribution to the country’s rich cultural landscape. Communicorp’s award-winning radio stations are reaching record listening highs, and the combination of these highly valued audiences offered alongside fast growing and innovative digital brands means they are well positioned to capitalise on the future development potential of the wider world of audio. This offers more choice for listeners alongside enhanced, targeted solutions for advertisers. We are very much looking forward to working with Communicorp CEO Simon Myciunka and his talented team."

The news of the deal has sparked a major reaction on Twitter. Take a look at responses from Róisín Ingle, Michael O'Regan and more below:

Very, very interesting media news @bauermedia ... wonder does that mean @IrishTimes journos can go on @NewstalkFM & @TodayFM again? I really hope this is good news for those who work there ... https://t.co/eGOSmufJny

— Róisín Ingle (@roisiningle) February 25, 2021

As Denis O’Brien exits the Irish media market, he must wonder whether it was worth it, on any level.

— Michael O'Regan (@Michael_O_Regan) February 25, 2021

Just 13 years ago Communicorp paid €150m for Highland Radio and Today FM.

That’s more than Mediahuis recently paid for all of INM (which came with about 85m in cash on its balance sheet).

A lot has changed in Ireland.https://t.co/hgBYvsSBrn

— Karl Brophy (@KarlBrophy) February 25, 2021

Too early to say if Bauer Media's acquisition of Communicorp is good or bad news. Time will tell!

— Joseph Okoh (@JoeOkoh_) February 25, 2021

An interesting day in radio-land, as news breaks that Communicorp, having primed itself very visibly for such a reality in recent years, agrees sale to Bauer Media Audio. Let's hope, for all the many excellent people there, that it's for the good: https://t.co/fYfrwfNOGr

— Nadine O'Regan (@NadineORegan) February 25, 2021

The company that has purchased Communicorp owns the Kiss radio station in the UK, suggesting that Newstalk is soon to be converted into an R'n'B music station.

— Carl Kinsella (@TVsCarlKinsella) February 25, 2021

The logic of selling Communicorp being sold is below. Too much debt, too much competition, tough advertising market. Drifting. Better to sell now. https://t.co/oppfmAdj3U

— Tom Lyons (@TomLyonsBiz) February 25, 2021

Getting a bit nostalgic for my old Media and Marketing beat this morning as the big news breaks that Communicorp (Today FM, Newstalk, Spin) has been sold. Hope this will be a positive change for the excellent people working there.https://t.co/BWKtOFL2Yu

— Colette Sexton (@colette_sexton) February 25, 2021