Updated 5.27pm

TXFM HAS NOT applied to have its broadcasting licence renewed.

A source said the decision to not apply to renew the licence was due to the station failing to make a profit.

In a statement released this afternoon, the Broadcasting Authority of Ireland (BAI) confirmed that it received no applications for the licence which was advertised on 21 December 2015. This means TXFM will come off air at the end of October at the latest.

Tomorrow marks the station’s second birthday. Its closure will make six full-time employees redundant.

There had been two expressions of interest for the licence, including from Simon Maher – a founder of Phantom 105.2, TXFM’s predecessor.

The contract for the music-driven (alternative rock) sound broadcasting service for Dublin city and county is currently held by Dublin Rock Radio Limited, which broadcasts as TXFM. It is scheduled to expire on 26 October 2016.

The station’s shareholders, Evergreen Ventures, Gaiety Investments and Communicorp Group, are expected to discuss the situation with the BAI before informing staff of the details of the wind-down.

Commenting on the decision to not reapply for the licence, station chairman Trevor Bowen said: “We would like to thank the staff, the presenters, the contributors and above all the loyal listeners that supported the station since its launch 10 years ago.”

Gervaise Slowey, CEO of Communicorp, added:

It is with great regret that we have come to this decision, however despite a recent rebranding and a restructuring of the business, it has not been possible to make the station commercially viable. Communicorp are committed to funding their share of the redundancy costs.

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Phantom 105.2

The alternative rock station was known as Phantom 105.2 before rebranding in 2014.

Phantom launched on in October 2006 with a 10 year licence. Previously, it had been run as a pirate operation based in a number of locations around Dublin, and also under temporary licences from the BAI.

The BAI said its contract awards committee will discuss the matter at a meeting next month.

Further details regarding the closure of the station will be confirmed at a later date.

Originally published: 3.25pm