Media group SMG has said it has sold its stake in Scottish Radio Holdings to magazine publisher Emap for £90.5 million sterling.
SMG said it had sold the 27.8 per cent share in SRH because the potential benefits to the group of retaining the stake had lessened.
The company - which owns Virgin Radio, television stations Grampian and Scottish and a 25 per cent stake in GMTV - said it would use the proceeds of the deal to reduce its debts.
Scottish Radio Holdings has a network of local radio stations and newspapers across Britain and Ireland.
SMG bought the stake in late 2000 and early 2001, at which point both the group and SRH were operating in the radio, newspaper and outdoor advertising industries. However, SMG said that since then, it had moved out of the newspaper market and SRH had sold its outdoor business.
SMG, whose half year profits dropped by 48 per cent to £5.5 million in the six months to last June, said it was trading in line with expectations.