Read this: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/591463/Radio_Deregulation_Final.PDF

Summary: From 1995, commercial radio saw both a major acceleration in the licensing of new stations to fill the remaining coverage gaps and an increasing number of take-overs and mergers, leading to the emergence of major radio groups holding a large portfolio of local licences throughout the UK. The 1990 Broadcasting Act opened the way for the creation of quasi-national brands such as 'Classic Gold' and the Magic AM network and allowed the Radio Authority to advertise one national commercial FM licence and two national commercial AM licences for the first time - these would be won by Classic FM, Virgin Radio and Talk Radio. Pdf 14 Commercial Radio by Weekly Audience Reach 2007 Commercial Radio by Weekly Audience Reach 2015 Since 2007 Global and Bauer have emerged as the two largest commercial radio groups accounting for around three-quarters of all commercial radio listening and around 80 of commercial radio revenues. - www.gov.uk