Ulster Television is to buy Cork-based County Media Ltd for £28.5m. County operates three independent stations in the county - 96FM in Cork city, 103FM in North Cork and 103FM in West Cork - and last year made a £1.5m profit on sales of £5.4m.
UTV says it will also assume the company's net debt of around £3m.
UTV Managing Director John McCann said: "The acquisition of County Media is an important strategic development for UTV, which will further strengthen our multi-media offering throughout Ireland'.
Delta Partners owns 35% of County Media, while the other shareholders are managing director Colm O'Conaill, former Golden Vale chief executive Jim O'Mahoney and businessman Alex McCarthy. £1m is to be distributed to staff under the deal.
The company is part of the Sonic FM consortium which has applied for a radio licence for Cork city and county.
