Three bidders remain in the contest to acquire the Irish radio stations owned by British media group Emap. Denis O'Brien's Communicorp is understood to be one of those still in the hunt to add Today FM, FM104 and Highland Radio to its portfolio of media interests.
The other remaining suitors are understood to be UTV and Vienna Investments, comprising the former owners of FM104 and led by Dermot Hanrahan.
The British-listed group is expected to make a decision on the sale of the company's Irish assets over the weekend.
Cathal Friel of Merrion Capital and William Fry Solicitors, both of whom represent Emap, spent yesterday in detailed discussions with a number of the bidders. However, it is understood no discussion took place with representatives for TV3, the fourth group that had remained in the contest for Emap Irish radio assets.
Two other consortiums were ruled out of contention earlier this week. It had been expected Emap would yesterday whittle down the number of bidders to a shortlist of two with a view to holding a further round of bidding.
At present, Communicorp is thought to have submitted the highest bid for the stations. Sources close to the process say the company that wins the deal will have to pay more than €200 million for the three stations.
Emap's executive chairman told shareholders at the company's annual general meeting that "subject to regulatory approval,[ we] would expect to complete the disposal in early autumn".
However, two of the groups still in the race for the stations already have significant media interests. Both Communicorp and UTV have interests in five separate radio licences in the Republic. Communicorp would hold two national commercial licences and control the two largest local radio stations in the Dublin area.
The Vienna consortium appears the least risky on competition grounds, from Emap's perspective. Apart from Mr Hanrahan, it comprises businessmen Ulick and Des McEvaddy, accountants Pearse Farrell and Greg Sparks, event promoter Maurice Cassidy, businessman John Callaghan and the estate of deceased concert promoter Jim Aiken.
Today FM, FM 104 and Highland are expected to post earnings before interest, tax, depreciation and amortisation of €14.6 million on turnover of €34.5 million in the year to March 2008.
