GWR and ITN are involved in an attempt to buy London Radio, after a management buyout collapsed before Christmas.
Sources suggest a deal will be signed later this week in which the two companies take control of the broadcaster which operates twin stations London News and London News Talk Radio.
Current owner Reuters will retain an interest through its shareholding in ITN. Industry sources suggest the company is still keen to retain a stake in London Radio, although only with the right backing in place.
“London Radio is Reuters’ first move into above-the-line media,” according to one. “There is no indication it wants to get out completely, although there is now recognition that it was underprepared for the challenges that lay ahead.”
GWR, ITN and Reuters are understood to have been joined by a fourth backer with existing media investments.
ITN has joined forces with the RAC and Trafficmaster plc to launch RAC Travel News – a new travel service for commercial radio. Stations will be offered live traffic information using a network of 2,400 sensors on roads across the UK. The AA will unveil plans of its new look service, AA Vodafone Roadwatch, later this month (MW last week).