Guardian Media Group has sold its radio business, which includes the Real Radio and Smooth Radio networks, to Global Radio for an estimated price of £50 million.

GMG, which has built up the UK’s third-largest radio group over the past 13 years, signed the deal with Global Radio after receiving a number of offers for the GMG Radio unit.

It is reported that the offer tabled by Global – the parent company of brands including Capital, Heart and Classic FM – was in the region of £50 million and was by some distance the most attractive offer.

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