Ofcom awarded the licence for Bristol's new commercial station to the company, despite bids from UK organisations including GCap and former Emap radio chief Tim Schoonmaker's Radio UK Holdings.
The new station, Original 106FM, will serve around 500,000 listeners, providing an eclectic mix of adult-oriented music, with particular appeal to 40 to 59-year-olds, and 24-hour local news.
This is the second station for CanWest, which is set to launch a Solent station on 1 October, and bosses hope it will not be the last.
Richard Johnson, director at Seven Broadcast, which lodges CanWest's applications, said: "We currently have an application in for Liverpool and will be applying for Manchester and South Wales."
Ofcom has also awarded a new FM local commercial radio licence in Exeter. Owned by London Media Company and Riverside Radio, Exeter FM will have a potential reach of 140,000 listeners and will be aimed at 35 to 54-year-olds.
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