Emap is believed to have received bids of up to €210 million for its three Irish radio stations, Today FM, FM104 and Highland Radio.
It is understood that UTV, TV3, Denis O'Brien's Communicorp and Vienna Investments, a group comprising the former owners of FM104 and headed by Dermot Hanrahan, are still competing to acquire the stations.
Bids from The Irish Times Ltd, and a consortium comprising Vitruvian Partners, a UK private equity player, and Richard Findlay, who headed Scottish Radio Holdings (SRH) when it owned Today FM and FM104, are believed to be out of the running.
Sources close to the process said a preferred bidder could be chosen as early as today. Alternatively, Emap could shortlist two groups and hold one more round of bidding.
It is not clear which company has tabled the largest bid. Speculation suggested that either UTV and Communicorp could have submitted the biggest offer. A larger bid could tempt Emap in spite of the potential competition and ownership difficulties either party would face in completing a purchase.
Both groups already have interests in five radio licences here. If Communicorp were successful, it would own two national commercial licences and the two biggest local radio stations in Dublin.
TV3 would also be subject to competition concerns, given that it is the biggest commercial television station in the Republic.
By contrast, a bid by Vienna would probably be the "cleanest" from Emap's point of view. The consortium comprises Mr Hanrahan, the McEvaddy brothers Ulick and Des, accountants Greg Sparks and Pearse Farrell, event promoter Maurice Cassidy, businessman John Callaghan and the estate of Jim Aiken, the concert promoter who died earlier this year. Mr Sparks is a member of the board of The Irish Times Ltd.
At its annual general meeting yesterday, Emap's executive chairman, Alun Cathcart, said it expected to agree a sale "shortly".
"Subject to regulatory approval, would expect to complete the disposal in early autumn," Mr Cathcart added.
Today FM, FM104 and Highland Radio are expected to achieve combined earnings before interest, tax, depreciation and amortisation of €14.6 million in the year to March 2008 on turnover of €34.5 million.
It is understood that offers in the first round of bidding ranged from €145 million to €175 million.
The ante was upped, however, after each group was allowed conduct due diligence on the three stations.
