Communicorp, the media company owned by Denis O'Brien, has sold Latvian radio group AS Radio SWH Latvia to Cinamon Holding OÜ, an Estonian-based entertainment company with a network of cinemas across the Baltic countries.

When it launched 22 years ago, AS Radio SWH was the first commercial radio station in Latvia. It was acquired by Communicorp in 2007 and since then it has added four additional stations. It is the commercial market leader in Latvia.

"We are privileged to be part of the history of SWH, one of Latvia's greatest indigenous businesses," said Communicorp chief executive Gervaise Slowey.

The media group’s other business interests in Ireland, Britain and Bulgaria are unaffected by the sale, it said.

In Ireland, Communicorp owns the national radio stations Today FM and Newstalk, as well as the Dublin music stations 98FM, TXFM and Spin 103.8 FM, and regional station Spin Southwest. In total, it owns 22 radio stations, including eight regional UK stations that it acquired from Global Radio last year.