By Michael Keogh
The Denis O'Brien owned Communicorp group have agreed to sell Newstalk, Today FM, Spin 1038, Spin Southwest and 98FM radio stations to a european based media firm.
Subject to regulatory approval, the Bauer Media Audio company already operates in Sweden, Norway, Denmark, Finland, Poland and Slovakia.
The company also has substantial market share in the UK with KISS and Absolute Radio.
In a statement, Paul Keenan, President of Bauer Media Audio, said that radio is very popular in Ireland with more than 80% of the population tuning in every week and the deal 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," he added.
Communicorp Chairperson Lucy Gaffney said today's deal marks the culmination of an "exciting and dynamic journey, which has enhanced and transformed radio in Ireland".