Bauer Media, owner of magazines including heat, Grazia and Bella, and radio stations Kiss and Magic, has acquired Absolute Radio (subject to regulatory clearance) in a deal believed to be worth between £22m and £25m.

The station, originally known as Virgin Radio, was first put up for sale by owners Times of India in 2011. Donnach O'Driscoll, CEO of Absolute Radio said 'The Absolute Radio business has never been in better shape as we approach our fifth birthday. Bauer Media UK is a business that really cares about building famous media and entertainment brands and music radio in particular. This brand will continue to thrive as part of the Bauer group'.