It will initially target the Greater London multiplex, putting it head-to-head with rival radio groups Capital Radio and Emap Radio - with their 50/50 joint-venture - and Chrysalis Radio. Applications are due in May with a decision expected in August.
The consortium also plans to apply for the central Scotland, north-east and north-west England, West Midlands and Severn Estuary multiplexes.
Regional digital multiplexes have the capacity for a number of different channels and are expected to offer between eight and 10 stations.
The Radio Authority will award the licences on the basis of the applicants' plans to promote digital radio, the nature of programming and services they will provide, and their proposed investment in new technology.
Talk Radio chairman and chief executive Kelvin MacKenzie said: 'Digital means choice to the UK consumer and together we intend to provide that choice.'
GMG chief executive David Campbell added: 'We have always been enthusiastic about the potential of digital radio and are delighted to be involved in this venture.'
Talk and Virgin automatically receive a place on the sole national digital multiplex.
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