The consortium also includes Ian Walker, who runs a large screen, staging and events company, and Hedley Finn, founder of children's hospital radio charity Radio Lollipop.
Willis said while much of the industry is being "merged, networked and is losing its sense of community", Isle of Wight Radio will build on recent successes.
In July, Media Week reported that TLRC was in discussions to sell the Isle of Wight Radio station to a single unnamed party.
According to Rajar data between April and June 2009, Isle of Wight Radio had an average of 33,000 listeners per week, with listeners tuning in for an average of 8.7 hours a week.
IOW Radio is TLRC's fifth sale since independent radio company UKRD took control of it in May.
In June, TLRC sold Macclesfield radio station Silk FM for a nominal sum, as well as its 80% stake in Fire Media, which broadcasts Bournemouth station Fire, for £1, plus a deferred payment of about £40,000.
Later in June, TLRC sold Hastings-based Arrow FM and Sovereign Radio in Eastbourne to Media Sound Holdings, owner of Sussex-based Bright FM and Splash FM for £100,000 and decided to close the High Wycombe-based Mix 107 and hand the licence back to Ofcom.
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