The commercial broadcaster said the sale was a further example of its programme of non-core asset disposals.
JFMG provides radio spectrum for programme-making, entertainment, special events and related activities, co-ordinating spectrum and licences for wireless microphones and cameras.
A spokesman for Arqiva said the “mutually beneficial” acquisition was a good fit for the broadcasting infrastructure provider. He added that the sale would put Arqiva in good stead ahead of Ofcom releasing further space on the digital spectrum in 2010.
ITV is also believed to be considering the sale of its social networking site Friends Reunited, and is consulting with Lazard.