After three months of will-they-won’t-they, the UK’s biggest commercial radio group GCap Media has finally agreed to a £375m buyout by Global Radio, the radio start-up chaired by former ITV boss Charles Allen.

The deal will create a group with a more than 50 per cent share of the UK commercial radio market, and is likely to be the catalyst for a number of organisational changes, including some disposals due to competition rules.