In a statement to the stock market, TLRC said it planned to delist from London's Alternative Investment Market to save costs while its restructuring continues.
Shareholders will be given the opportunity to vote on the proposal on 22 September and if 75% of them agree, the company will not be listed on the London Stock Exchange after 30 September.
William Rogers, chief executive of TLRC, said he believes TLRC has "secured sufficient support to delist". He said: "I am confident it will be well over 90%."
Rogers said the company "doesn't gain from being publicly listed any longer" and being publicly quoted prevents the company from "moving quickly".
He said: "It is quite costly being quoted and TLRC would rather not spend the money maintaining advisers and auditors and issuing announcements. TLRC would rather use the funds to invest in the business."
Yesterday (25 August), Media Week reported TLRC was planning to sell The Quay radio station.
TLRC has been majority owned by radio company UKRD since May, when it comprised of 20 stations, and the new management has sold five stations and closed one so far.
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