Mr McCarthy died at Cork University Hospital last night aged 73.
He spent more than 35 years on air and presented his final programme in December 2015.
"I love the intimacy of radio and have enjoyed the privilege of being allowed into people's lives and hearts every night," Mr McCarthy said ahead of his retirement.
He created the comedy and satire series Shortt Circuit, The Usual Suspects and Bull Island and produced documentaries such as The Cleggan Disaster, Early Doors No More and A Tale of Three Cities.
His television credits included Live at 3, PM Live and Down Here with a View to Above.
Mr McCarthy was also an award-winning actor and appeared in The Dresser, A Streetcar Named Desire, The Woman in Black and The Odd Couple in the Everyman Theatre in Cork and the film Strength and Honour.
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