Plans by Ulster Television and Scottish Radio Holdings to separately take control of two of the State's largest independent radio groups, Cork-based County Sound and Today FM, will have to wait until mid-October at the earliest.

Ulster TV has already made it clear that it will buy out the 40 per cent of County Sound that it does not already own for about £12 million (€15 million) if media ownership regulations change, while Scottish Radio has agreed terms with the shareholders of Today FM which would see it pay £47 million (€60 million) for the 76 per cent of the national radio station it does not already own.

By mid-October, the Independent Radio and Television Commission (IRTC) is expected to complete its review of submissions it has received on media ownership and is expected to draft any changes it proposes in relation to radio and TV stations in Ireland.

The IRTC will publish a summary of the 33 submissions it has received next Wednesday. Of these, 15 have come from existing operators including RT╔, Ulster TV, Today FM, TV3, FM104, Lite FM and various local stations, as well as cable/digital companies such as NTL and Chorus.

Submissions have also been received from State organisations such as the Department of Enterprise, Trade and Employment and print media groups such as The Irish Times.

The question of media ownership resurfaced last year when UTV agreed to buy County Media, which has three stations in the Cork area, for £31.5 million.

At the time, IRTC chairman Mr Conor Maguire said UTV's plan to take sole control of the station was "a negative, to put it mildly". The IRTC guidelines at the time precluded media groups from owning more than 27 per cent of a licence.

UTV was subsequently given clearance to buy 60 per cent of County Media, mainly because UTV would not have control of the board where a majority consisted of local people. Industry sources believe the IRTC's willingness to allow UTV take 60 per cent of County Media may make it difficult not to sanction Scottish Radio taking at least the same stake in Today FM.

Scottish Radio chief executive Mr Richard Findlay has openly advocated changes to Irish media ownership regulations, which would allow his company take full control of Today FM. Under the current agreed valuation with the other shareholders, Today is valued at £62 million (€79 million).

If all outstanding shares were acquired, concert promoter Mr Denis Desmond and Riverdance promoters Mr John McColgan and Ms Moya Doherty would share £26 million for their 42 per cent stake. Financier Mr Dermot Desmond would get £5 million for his 8 per cent while ICC Venture Capital would receive more than £16 million for its 26 per cent.

If revised ownership regulations allow Scottish Radio Holdings to take a majority, but not a 100 per cent stake, these windfalls for Today FM shareholders would probably be scaled back on a pro rata basis.