In a judgment published this afternoon, the Competition Appeal Tribunal unanimously dismissed Global Radio's appeal, which had argued against the CC's decision on two grounds.
Global Radio argued the CC had misunderstood the meaning of "substantial lessening of competition" as well as the approach it took to proposed remedies to competition issues in the North West and Manchester.
A Global spokeswoman said: "Obviously this is a disappointing outcome. We share the concerns of many within our industry, who believe the basis on which the Competition Commission formed their decision to be outdated."
Global Radio bought GMG Radio, now known as Real and Smooth ltd, in July 2012.
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