The first Welovelocal.com site, which launches next Monday (21 November), will focus on Birmingham.
Global Radio plans to launch further sites targeting each of its 20 other regional centres, which include London, Plymouth and Glasgow, during 2012.
Welovelocal.com will offer consumers a discount of up to 90% on a range of products, experiences and services in their local area. Users will be able to access the deals either by visiting the website or signing up to receive a daily email.
More than 14 brands have already signed up to participate. The first deals in Birmingham will include discounts at Radisson Hotels, De Vere Village and David Lloyd gyms.
The launch comes at the end of a good year for Global Radio. Commercial revenues are expected to rise between 5% and 10% year on year in 2011, outperforming the market, which is up 5%.
'Through our radio stations, Global has built a very successful business connecting local advertisers to on-air and online audiences,' said Mark Lee, managing director, regions, at Global Radio.
'We recognise that deal websites are becoming an important part of the marketing strategy for many local businesses and, having evaluated the market, felt that this was the right moment to expand in this area with Welovelocal.com,' he added.
Lee estimated that the daily deals market has grown from being worth nothing to a value of about £4m in the Birmingham area alone over the past year. He believes the sites will open up Global Radio to new advertisers.
Global Radio's predecessor, GCap Media, bought the local reviews and listing website Welovelocal.com in 2008 for £600,000. Its relaunch with a daily deals focus marks a total overhaul of the proposition.
The daily-deals and voucher-services category has grown over the past year. Last week, market-leader Groupon's IPO raised $700m (£438m).