Denis O'Brien's Communicorp – the radio company including Newstalk, Off The Ball and Today FM – has agreed a sale to an international media group for an undisclosed fee.
UK giant Bauer Media Audio will acquire the decades-old media company subject to regulatory approval.
The move will see the UK giant – which describes itself as Europe's leading commercial radio operator, with more than 55 million listeners every week – take on Communicorp's extensive portfolio.
The Republic of Ireland is the eighth country into which the organisation has now extended its reach, adding to a portfolio including KISS, Radio Nova and Radio 100.
Communicorp runs a suite of radio stations, as well as an extensive digital radio offering.
Among its other titles are Spin 1038, Spin Southwest and 98FM.
In a statement, Communicorp Chairperson Lucy Gaffney said the deal marks the "culmination of an exciting and dynamic journey, which has enhanced and transformed radio in Ireland."
She added: "Hundreds of incredibly talented and special people, both in front of and behind the mic, have made that journey possible and I want to thank them for their enormous contribution to the company.
"I also want to thank our advertisers, our stakeholders and especially our listeners, for their support and loyalty over many years.
"Finally, on behalf of the Board, I wish Bauer and everyone at Communicorp continued success for the future."
Bauer Media President Paul Keenan added: "Radio is very popular in Ireland with more than 80% of the population tuning in every week.
"The industry makes a vital and much-valued contribution to the country’s rich cultural landscape.
"Communicorp’s award-winning radio stations are reaching record listening highs, and the combination of these highly valued audiences offered alongside fast growing and innovative digital brands means they are well positioned to capitalise on the future development potential of the wider world of audio.
"This offers more choice for listeners alongside enhanced, targeted solutions for advertisers. We are very much looking forward to working with Communicorp CEO Simon Myciunka and his talented team."
