Global Radio have announced they are to put five stations up for sale, to ensure their buyout of GCap Media can proceed.
The sale of BRMB, Beacon Radio, Mercia FM and Wyvern in the West Midlands has been accepted by the Office of Fair Trading as a solution to competition concerns in the West Midlands, while Heart 106 in the East Midlands will either be sold or licensed as a franchise.
It is the first time the Office of Fair Trading has accepted a franchise proposal in the sector.
GCap and Global Radio will continue to trade separately until the arrangements are finalised.
Ashley Tabor, chief executive of GCap Media said: “Today is a momentous day for the UK commercial radio industry, marking the start of a new era for the sector.
"We will be able to offer real value and quality to advertisers and listeners by operating the Heart and Capital brands alongside one another and today’s decision represents the beginning of a very exciting radio company where we can now set about the task of integrating the two businesses."