98FM

Newspaper: Radio station 98FM spins pre-tax profits of €856,929

Irish Independent
Radio station 98FM spins pre-tax profits of €856,929

Irish Independent – February 3rd 2004

Radio station 98FM spins pre-tax profits of €856,929

 Pre-tax profits at Denis O'Brien's Dublin radio station 98FM more than doubled in 2003 to €856,929, recently filed accounts reveal.

Pre-tax profits at Denis O’Brien’s Dublin radio station 98FM more than doubled in 2003 to €856,929, recently filed accounts reveal.

Gross profits were up in the year to €4.1m, from €3.6m, and administration costs increased only slightly to €3.27m from €3.19m.

The company had shareholders’ funds of €4.6m at the end of the year.

The company, registered as Radio Two Thousand Ltd, had a €3.7m investment in Newstalk and a €1.2m investment in youth station Spin at the end of 2003. Newstalk owed the station €68,000 for expenses incurred on Newstalk’s behalf.

The company is now the majority shareholder in Newstalk, and recently got approval from the Broadcasting Commission of Ireland to buy out all of Spin.

The accounts also show that 98FM paid a management fee to Communicorp, which is controlled by Denis O’Brien, of €686,929, unchanged from the previous year.

Communicorp, which is Mr O’Brien’s radio vehicle, is due to file accounts shortly.

A further €158,411 was paid to Communicorp for rent on the radio station’s premises at Grand Canal Quay, and almost €50,000 was paid to Rock Solid Transmission, also controlled by Mr O’Brien, for transmitter site rentals.

Radio Two Thousand employed 56 people during the year, and 22 of these were in sales and marketing. Total salaries were €2.6m and directors’ salaries were €116,808.

The directors’ report states that revenues and profits were expected to grow in 2004. The station started broadcasting in 1989, and its licence was renewed by the BCI in 2003.

Samantha McCaughren

‘Desperate’ stations launch similar promotions

Two of Dublin’s top commercial stations have launched virtually identical competitions which are based on an American tv show. 98FM is looking for Dublin’s ‘Most Desperate Housewives’ whilst at the same time Q102 is seeking ‘Desperate Dublin Housewives’.

Both competitions call on housewives in the area who are desperate to do anything to win cash prizes.

Both competitions are being run by the station’s respective breakfast show teams.

And both competitions have almost identical blurbs accompanying the launch on the stations’ websites…whilst 98FM ask whether you would “walk down Grafton St in your underwear” to win thousands of euro, Q102 ask if you’re desperate enough to “walk naked down Grafton Street” for just one thousand euro. Q102 wonder whether you’d “bungee jump off a crane over the Liffey for 10 Grand?”, but 98FM ask if you’re desperate enough to “swim the Liffey in a chicken suit?”

98FM’s promotion is running for four weeks, the idea is that women will be pitted against each other in a series of challenges, and the woman desperate enough to do it for the least amount of cash – wins that amount.