Chrysalis Group has been under strategic review since February and it was always thought its radio and publishing divisions would be broken up, with private investors the most likely buyers.
In a statement released this morning Chrysalis confirmed the proposed sale of the radio division, which includes stations Heart, LBC and Galaxy.
Chrysalis is expecting to make a £95m profit on the deal while overall savings of £3.5m will be made from the termination of the group management structure.
Global Radio, whose investors overlap with those of Barchester Healthcare Ltd, will be run by directors Ashley Tabor and Owen McGartoll.
Following this morning's statement to the city was the news that Richard Huntingford, Chrysalis chief executive, is to leave the company following the completion of the deal.
However, the radio division's chief executive Phil Riley and its commercial director Don Thompson are expected to stay on at the company.