Radio Ceredigion has been on air since 1992
The future of local radio in Ceredigion is under threat after a company revealed that a station in the county was in financial trouble.
It is claimed that Radio Ceredigion's studios in Aberystwyth could close, jobs could be lost and its programmes broadcast from Pembrokeshire.
Station owners, Tindle Newspapers, said they were in talks with a rival broadcaster over a "joint venture".
But the firm said a presence would be maintained in Aberystwyth.
Town and Country Broadcasting, which comprises of five local radio stations in south and south west Wales, confirmed it was in discussions with Tindle about a "joint venture".
But the Friends of Radio Ceredigion are concerned that local broadcasting will disappear, jobs will be lost and Welsh language content at the station cut back.
Chairman of the friends, Geraint Davies, said: "It's my understanding that broadcasting will be switched to Pembrokeshire and Radio Ceredigion's studios in Aberystwyth will probably close.
"This has come from staff at the station, who were informed a week last Friday that the company had been sold to Town and Country Broadcasting and in all probability the studios in Aberystwyth would close at the end of March and things switched to Narberth.
"I am led to believe the presence in Aberystwyth would not involve broadcasting staff and would be sales and advertising staff based at the local newspaper offices of the Cambrian News (also owned by Tindle).
"If you take local radio out of the locality it ceases to be local radio. That is all at risk."
Mr Davies said he had called for a meeting with Town and Country Broadcasting.
In a statement, Tindle Newspapers Limited said: "I can confirm that Tindle Newspapers, the owners of Radio Ceredigion, are in discussion with Town and Country about a possible joint venture to ensure the future of the radio station.
"The priorities are to ensure the survival of Radio Ceredigion, which has been struggling financially, and to ensure that Welsh language output is maintained.
"A commitment has been made to Ofcom that the current Welsh language output would continue. The unique Welsh language soap opera, Bontlwyd, produced at Felinfach, and currently aired on Radio Ceredigion, would also continue.
"It is hoped that it would still be possible to use local volunteers and local interviews on the station."