TLRC said it disposed of its 80% holding in Fire Media Limited to Westward Broadcasting Limited, which is a wholly owned subsidiary of Triple Media Communications Group, for an initial £1.
TLRC, the former owner of Jazz FM, will receive a further minimum deferred payment of £40,000, which will be based on sales in the year ending 30 September 2009.
William Rogers, chief executive of TLRC and UKRD, said TLRC was "reviewing its portfolio" and did not rule out the sale of further stations.
Fire Media is a radio licensee serving Bournemouth with an audience of 28,000 listeners listening for 236,000 hours per week, according to Rajar figures for the first quarter of 2009.
TLRC said in the seven months ending 30 April, Fire had a turnover of £216,494 and an operating loss of £128,926 after central costs. At the same time, the station had net liabilities of £863,096.
Last month, UKRD took control of TLRC, which operates 20 local radio stations, including Arrow FM, Wessex FM and The Quay, after a takeover battle with Hallwood, an investor led by TLRC chairman Anthony Gumbiner.
TLRC sold Jazz FM to the directors of Jazz FM, led by former TLRC chief executive chairman Richard Wheatly, in April.
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