The move is part of a wider strategy by the new board of TLRC, which recently succumbed to a takeover by UKRD, to cut the number of TLRC stations.
Last week, TLRC sold its 80% holding in Fire Media, which broadcasts Bournemouth station Fire, for a nominal £1 plus debt to Westward Broadcasting, a wholly owned subsidiary of Triple Media Communications Group.
TLRC, the former owner of Jazz FM, will receive a further minimum deferred payment of £40,000 for Fire, based on sales in the year ending 30 September 2009.
William Rogers, TLRC's new chief executive, confirmed last week he was looking at the TLRC portfolio to see whether it should sell any more stations.
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 and UKRD will continue to be run as separate companies. Rogers said UKRD currently owns "about 60%" of TLRC but "would like to own 100%", which could allow for a merger of the companies.
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