The acquisition, for an undisclosed sum, includes the network of stations operating under the Real Radio and Smooth Radio brand names.
GMG Radio was launched in 1999 and has a total share of the radio listening market of 4.5%. Real Radio is made up of five regional stations based in Scotland, the North East, Yorkshire, the North West and Wales, while Smooth Radio operates both nationally via DAB and through six FM stations operating in London, Glasgow, the North West, North East, the West and East Midlands.
GMG Radio will continue to be run separately from Global Radio whilst a regulatory review into the acquisition is conducted. Global Radio will however continue to represent GMG Radio's national airtime sales, as it has done since 2006.
Stuart Taylor, CEO of GMG Radio, is leaving the company with immediate effect. Therefore, Mark Lee, currently Global's MD for the Regions, will be seconded from Global Radio to GMG Radio with immediate effect, assuming the role of CEO.
Announcing the purchase, Ashley Tabor, Founder and Executive President of Global Group said: "We are pleased to have concluded this deal, and once the required approvals have been received, we will look forward to welcoming the GMG radio stations into the Global family. We believe that this is a very strong business with brands and assets that are highly complementary to those of Global Radio."
Andrew Miller, CEO of Guardian Media Group said: "Our portfolio of investments that lie outside our core national newspaper business exist to underpin the long-term financial and editorial integrity of the Guardian. If we believe that best value for the Group lies in the disposal of a non-core asset, then we will do so."
The talented team at GMG Radio have been very successful in building strong brands, which have been attractive to listeners and advertisers and have attracted considerable external interest. We believe that this transaction gives the business an excellent opportunity to develop and flourish as part of Global Radio. I would like to thank everyone at GMG Radio for their outstanding achievements over the last few years and wish them every success for the future.'