Guardian Media has sold its interest in the breakfast television broadcaster, GMTV, to three existing shareholders for £18.3 million.
The Guardian will use the revenue from the sale to expand its radio interests. It is understood that it is preparing to bid for a music and speech based regional radio station covering the Yorkshire region.
The Guardian's 15 per cent stake is being divided equally between the Scottish Media Group, Carlton Communications, and Granada.
The three will pay £5.6 million in cash and £500,000 in loan notes for a 5 per cent stake. The deal values the station at about £122 million.
The sale sees the three companies each increase their stakes to 25 per cent. Walt Disney owns the remaining 25 per cent of the company.