THE consortium which has won the national radio licence includes several well known entertainment and business figures.
Dubbed the Riverdance consortium, it is headed by former RTE television producer and Riverdance producer, Mr John McColgan. He is the managing director of Tyrone Productions, an independent entertainment production company.
Radio Ireland is forecasting revenues of £3.5 million, or 10 per cent of radio advertising revenue in its first year of trading. It says this will rise to £6.5 million by 1999.
A 24 hour station with a programme mix of music and speech, it will target the 25 to 45 age group. It has said it will offer advertisers a rate of £100 for 30 seconds, rising with listenership.
Mr McColgan's wife, Ms Moya Doherty, also an investor, is another producer of Riverdance which, although originally devised as interval entertainment for the 1994 Eurovision Song Contest, has gone on to become a phenomenally successful show.
Another investor is Mr Denis Desmond, who is one of the leading concert promoters in Ireland. He promotes Feile and brings a string of international acts to Ireland each year.
Mr Robbie Wootton, another figure in the entertainment world, is also a backer. He owns The Factory, a rehearsal and recording studio. Clients include U2 and Simple Minds.
The consortium also includes Mr Brian Molloy, who is managing director and owner of Lunar Records and Lunar Video and is also a 50 per cent shareholder in Westland Studios.
He has been involved in making over 100 hours of music based television programmes and was one of the first independents to enter co production deals with RTE.
Another backer is Mr Joseph Moreau, a chartered accountant and partner in Byrne Moreau Connell. He has specialised in music and entertainment work for many years and is also on the board of Temple Bar Properties.
The Irish Farmers Journal is also backing the new station. The newspaper for the agriculture sector, it is published weekly and sells more than 70,000 copies a week.
The Cork Examiner is another investor, through its holding company, Thomas Crosbie and Company (Holdings) Ltd. It owns the Waterford News & Star, the Evening Echo and the Cork Examiner. Last year it published results for 1994 which showed a £345,000 profit.
Investors include financier Dermot Desmond's International Investment and Underwriting group. Mr Desmond's companies own London City Airport, for which they paid £14.5 million last October, and he has invested £4 million in Glasgow Celtic football club.
Those who lost out on the licence include Ireland 100 Productions, New Ireland Broadcasting, National FM and Energy Radio. Ireland 100 shareholders included The Irish Times, Virgin Radio and Downtown Radio as well as promoter Mr Jim Aiken.
New Ireland shareholders included the County Media Group, ACT Venture Capital and Mr Paschal Taggart, the well known accountant.
National Radio included ICC Venture Capital, and More O'Ferrall, the outdoor advertising group. Energy Radio included 98 FM, Highland Radio, Donegal, and other local stations.
