The group was sold to a consortium headed by Richard Wheatly and Alistair Mackenzie, the former heads of Jazz FM, in a £50m deal. Radio Investments was owned by GWR in partnership with the Guardian Media Group and Caledonia Investments.
The company operates 22 local radio stations in the UK and recorded a loss of £900,000 in the year ending September 30 2003.
Wheatly is head of the Local Radio Company, which is reported to be set to float on London's AIM.
In a statement, Wheatly said: "Looking forward we now have an opportunity to build a significant second-tier radio group based on Radio Investments, and potential further acquisitions of independent local radio group and individual stations."
GWR, owner of Classic FM, said that it expected the sale to be completed on or before May 25. The company's share price rose by over 2% this morning to 240p, a rise of 5p.
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