SCOTTISH Radio Holdings has confirmed it is paying £500,000 for its 15 per cent stake in Radio Ireland, a move that values the second national radio operator at £3.3 million. Radio Ireland plans to begin broadcasting in the spring of 1997.

Following the investment by Radio Scotland, the original promoters of Radio Ireland - Riverdance promoters Mr John McColgan and Ms Moya Doherty, Mr Denis Desmond, Mr Brian Molloy, Mr Robbie Wootton and Mr Joe Moreau will see their stake diluted from 71.5 per cent to 62.5 per cent. Scottish Radio is also taking over the 6 per cent stake that the Irish Farmers Journal was forced to divest for legal reasons.

The other major shareholders are the publishers of The Examiner, Thomas Crosbie & Company, with a 15 per cent stake and Dermot Desmond's International Investment & Underwriting with a 7.5 per cent stake.

The investment by Scottish Radio in Radio Ireland means that the Scottish group has commercial radio interests in both the Republic and Northern Ireland. Earlier this year, Scottish Radio bought Downtown Radio in Belfast for £9.7 million sterling. Last year, Scottish Radio paid £11.1 million sterling for the Morton local newspaper group in the North.