Planet Rock, the digital only radio station, has been put up for sale by its owner Malcolm Bluemel after it reportedly racked up losses of up to £300k a year despite garnering 1m listeners a week.
Bluemel purchased the station back in 2008 from GCap Media and has since invested around £3m of his own money into the station but has failed to make it profitable.
With DJ’s including Alice Cooper and Def Leppard frontman Joe Elliott the station has racked up a loyal following.
Speaking to MediaGuardian Bluemel said: "Digital radio has come of age and Planet Rock is at the forefront of that. I have put four and a half years of my life into this and £3m of my own money. Some people might say that I was lucky to have it in the first place, but I am not going to walk away from that lightly."
Bluemel was recently criticised by some for charging £5 for additional subscription based content at the station, prompting him issue an impassioned retort to fans saying: “"For the last four years I have worked my backside off to keep this station going," he said in the letter. "I am not a fat cat. If I was, I would have kept my money in my pocket, stayed at home with my wife and children and been £3m better off."