The station will be available from May on DAB digital multiplexes and it has also applied for the new Manchester FM licence. Its DAB coverage will include London, Essex, Berkshire, Wiltshire, Bristol, Avon and Dorset.
Advertising, sponsorship and promotions on the station will target adults rather than children.
Ralph Bernard, GWR group executive chairman, said that CRUK will provide a widening of choice for the age group, which is currently underserved in the UK.
Programming will feature HIT's characters such as Bob the Builder, Angelina Ballerina, Thomas & Friends and Barney.
Nigel Birrell, HIT Entertainment executive director, said: "Storytelling and songs lie at the core of many HIT brands, and this is another example of how we are seeking to leverage the strength of our character portfolio through new and exciting distribution channels."
GWR and HIT will hold a 47.5% stake, with the remainder held by Susan Stranks, who is the founder of London children's radio service abracaDABra!
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