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GWR and Caledonia Investments are to sell Radio Investments, the owner of 22 local radio stations, to The Local Radio Company for about £40m.
GWR is to acquire the remaining 50% of London News Radio and will then sell the whole business on to Chrysalis for £23m.
GWR is to set up a £6m internet business called Ecast Ventures, which will include a network of local web sites and a radio entertainment portal.
GWR has bought the Plymouth Sound radio station from The Local Radio Company for £5.3m.
GWR and Radio Investments are to jointly acquire Stray FM, the Harrogate-based radio station, for about £3m.
GWR is acquiring Orchard Media, the owner of four radio stations in the West Country, for £26m.
GWR Group is acquiring the remaining 83% of Classic FM, the national classical radio station, for £71m.
GWR of Swindon is buying Prospect, the New Zealand radio business with 12 stations, for £11.6m.
GWR, the Bristol-based radio concern, is selling Galaxy Radio to Chrysalis Group for £4.1m.