FM104

FM104 (Capital Radio Productions Limited) is operated by Onic, which was previously known as Wireless Ireland (ROI) Limited but rebranded in March 2025. Onic is owned by News Broadcasting, a subsidiary of News UK & Ireland, which is itself a wholly owned subsidiary of US-based News Corporation (News Corp), a global media conglomerate listed on the Nasdaq Stock Market.
News Corp operates a dual-class share structure, in which Class B shares carry voting rights and Class A shares do not. In total, Class B shares represent approximately 33% of all shares outstanding and Class A shares the remaining 67%, but because only Class B shares carry votes, voting control is disproportionate to economic ownership.
As of September 2025, LGC Holdco LLC — a vehicle controlled by Lachlan Murdoch, son of News Corp founder Rupert Murdoch — holds approximately 33% of all Class B shares, representing around 11% of total shares across both classes. However, given the fragmentation of all other shareholdings, this translates into an effective voting power of approximately 39% at shareholder meetings, making LGC Holdco the single largest and most influential shareholder in the company. Voting control rests solely with Lachlan Murdoch through his appointed managing director.
The remaining shares are held by a broad range of institutional investors. The largest are Vanguard Group (~9% of total shares), BlackRock (~7%), State Street (~6%), and Independent Franchise Partners (~5%), alongside other asset managers and retail investors. These institutional shareholders hold primarily Class A shares, meaning their economic stakes are not matched by equivalent voting power.

• Murdoch Family
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• Free Float
  
  The remaining shares in News Corp are publicly traded on the Nasdaq Stock Market, where they are held by a large and diverse range of institutional investors, asset managers, mutual funds, and retail investors. Collectively, these publicly traded shares represent approximately 89% of total shares outstanding, though the vast majority are Class A shares carrying no voting rights. The largest institutional shareholders among this publicly traded float are Vanguard Group (~9% of total shares) and BlackRock (~7%), which together hold approximately 16% of News Corp's total share capital. These are followed by State Street Corporation (~6%) and Independent Franchise Partners (~5%). A notable feature of this institutional ownership landscape is what is sometimes described as circular or interlocking ownership. Vanguard, BlackRock and State Street — the three largest index-fund managers in the world — are not only major shareholders in News Corp but are also significant shareholders in each other. Vanguard is the largest shareholder in State Street, holding approximately 13% of that company, and also holds around 9% of BlackRock. BlackRock in turn holds shares in State Street. This means that the same pool of underlying investors — the millions of pension funds, retirement savers and institutional clients whose money these firms manage — has indirect exposure to News Corp through multiple channels simultaneously. It is important to note, however, that Vanguard, BlackRock and State Street hold these shares in a fiduciary capacity on behalf of their underlying clients, not as owners in their own right. Their economic interest in News Corp is therefore indirect, and their voting behaviour at shareholder meetings is governed by their own stewardship policies rather than by any single controlling interest. Because they hold almost exclusively Class A shares, their combined ~22% economic stake in News Corp carries no voting rights, limiting their ability to influence corporate decisions despite the scale of their financial exposure.
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