The Wireless Group, which owns the national TalkSport station, will use the cash to pay off its debts and leave it with a positive cash balance of around £1m.
The group also announced it is to sell its 24.5% stake in Kingdom FM Radio to Scottish Radio Holdings for a further £500,000.
Kelvin MacKenzie, chief executive of TWG, said, "These sales clear all of our debt issues and leave the group with a positive cash balance. We are not content to be sellers of assets but uncertain capital market conditions meant we had to take this action."
Wave 105FM broadcasts to an area that ranges from Weymouth to Worthing on the south coast of England.
Alongside TalkSport, TWG owns 14 local stations across the UK including Big AM, Imagine FM,
Lite AM, The Pulse and three other Wave stations in Swansea, Blackpool and Dundee.
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