Shareholders of U.K. media company Chrysalis Group have approved the sale of its subsidiary Chrysalis Radio to investment firm Global Radio for £170 million ($344 million) in cash.

Proceeds from the sale will be used to cover debts incurred by the group, Chrysalis said in a statement issued this morning. Any sums left will be returned to shareholders.

Publicly-quoted Chrysalis Radio, the country's third largest commercial radio operator, comprises eight major-market FM licenses, one AM license, plus 31 DAB (digital audio broadcasting) radio licenses.

Its most famous brands include Heart, a leading adult-contemporary network of FM stations; Galaxy, which is targeted at young adults; and LBC, a talk-only London-based station.

For the half-year ending Feb. 28, Chrysalis Radio reported gross revenues of £30.1 million ($60.9 million) and unaudited pre-tax profit of £2.2 million ($4.45 million).

The sale will enable Chrysalis Group to focus on its music operations, which includes independent label Echo, music publisher Chrysalis Music, and Lasgo Chrysalis, a CD-to-book distribution venture.

Global Radio is an investment vehicle recently founded by media entrepreneur Ashley Tabor. It will use the Chrysalis Radio business to expand its ambitions in the U.K. commercial-radio sector. Its chairman is Charles Allen, formerly CEO of the ITV Group, the U.K.'s biggest commercial TV network.

Chrysalis Group's shareprice rose 3 pence ($0.06) to 115.50 pence ($2.34) when the markets opened this morning.