Commercial radio broadcaster GWR has sold most of its interest in Classic Gold to a joint company launched with production firm UBC Media.

GWR yesterday announced the £2.1 million deal involving twelve of the 17 Classic Gold licences. It will retain the licences for Bristol, Derby, Swindon, Plymouth and Wolverhampton.

The move follows concerns by the Radio Authority that GWR’s £146 million purchase of the Daily Mail’s radio assets in July had pushed its market share over the Authority’s guidelines.

News source: BBC Online Business News (UK)