After several days of speculation, GCap has finally confirmed the sale of Planet Rock to businessman Malcolm Bluemel.
The change in ownership takes place with immediate effect, although the station will continue to be broadcast from GCap's studios in Leicester Square for the time being.
Entrepreneur Bluemel, who in the past has won several high-value charity prizes to spend time with Terry Wogan and Ken Bruce, has bought the station through a new company called Rock Show.
Bluemel is supported in the venture by Black Sabbath’s Tony Lommi, Jethro Tull’s Ian Anderson, Gary Moore, and Fish.
Commenting on the deal, Bluemel said: "Rock fans have been traditionally very poorly served in this country and Planet Rock is the place for them to feed their fanaticism.
"Planet Rock has authenticity and integrity booming out of it. Now we aim to take it to the next level, preserve all that's great about the output and utilise other platforms to serve an even bigger audience in a wider variety of ways."
Planet Rock was put up for sale by GCap Media in January as part of their new strategic strategy, before the company was eventually bought by Global Radio.