Dream 107.7 has been sold by Tindle Radio to Adventure Radio.
The Chelmsford station launched independently in 1998 as Chelmer FM but will now partner with Adventure's nearby station Southend Radio.
Kevin Snowden, managing director of Adventure Radio told RadioToday.co.uk he was very excited with the purchase: "Dream 107.7 fits in with our station in Southend and we are looking forward to raising the revenue and profile of this loss-making station."
Despite sister stations Dream 100 in Colchester and Dream 107.2 in Hampshire, Kevin said there are no current plans to change the name of the station.
Adventure Radio also owns Mercury 96.6 in Watford.