The global media group behind famous magazines names such as Grazia and Heat and TV station 4Music has bought the owner of the Gem and Free Radio stations.
Bauer Media, which is run by the eponymous family and headquartered in Hamburg, has acquired Orion Media which broadcasts to Birmingham, Wolverhampton, Coventry, Hereford and Worcester and across the East Midlands.
It has studios in Birmingham, Worcester and Nottingham and also runs the annual Free Radio Live event at the Genting Arena in Solihull.
Orion Media was sold in an undisclosed deal by LDC, the private equity arm of Lloyds Bank which last year bought the NEC Group from Birmingham City Council for £307 million.
Free Radio and Gem reach more than 1.25 million people a week and the acquisition takes Bauer Media's portfolio of radio stations to 71, including national brands such as KISS and Magic alongside city-based stations like Key 103 in Manchester and Sheffield's Hallam FM.
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The deal will extend Bauer's total reach of its national and regional radio stations to 17.4 million, an increase to 34 per cent of the listening audience for commercial stations.
Globally, it has more than 600 magazines, over 400 digital products and 100 radio and TV stations, employing 11,000 employees in 20 countries.
Paul Keenan, chief executive of Bauer Media, said: "Free Radio and Gem are influential radio stations in one of the UK's fastest growing regions.
"Bauer's desire to build out its extensive radio business is testament to the nature of the industry which continues to be a strong, robust and growing platform, thriving in the always-on, mobile, connected world."
Orion Media's chief executive Adrian Serle said: "Orion has established market-leading status for audiences and revenues in each of its markets, something our teams should be immensely proud of - we are extremely confident that the business will continue to thrive under Bauer's ownership."
LDC invested in Orion Media when it was formed in 2009.
Director Andy Grove said: "Becoming part of one of the world's most successful media companies is an excellent outcome for the business.
"It creates a winning, combined offering in UK commercial radio, and gives its brands access to new resources and technologies to continue their growth."
The corporate finance team at PwC in the Midlands acted as lead adviser to Orion Media on the deal.
