Agreement has been reached by Scottish Radio Holdings to buy Highland Radio in Donegal for a sum in the region of €7m.
The deal has been approved in principle by the BCI and is now conditional on the approval of the Competition Authority and the Minister for Enterprise, Trade and Employment.
It is understood that Highland Chief Executive Charlie Collins will remain on at the station.
Highland's licence area is north Donegal and since it began broadcasting in 1990 it has consistently been among the most-listened to local radio stations in the country. Its studio is based in Letterkenny.
Scottish Radio Holdings already own Today FM and FM104.