TCH bought its controlling stakes for an undisclosed sum, believed to be in the region of between Euro11m and Euro14m.

However, industry sources said that TCH was unlikely to launch a solo bid for Emap's three stations, Today FM, FM104 and Highland Radio in Donegal, but it would be open to joining a consortium.

Its partners in any such venture would probably be one of the private equity houses circling the assets. One major house has already approached local newspaper and radio operator, the River Media Group, about the possibility of a joint bid.

Under the proposal, the private equity house, which currently has no Irish interests, would supply the bulk of the finance for the deal while River Media will run the stations if the purchase was successful.

British local media magnate Sir Ray Tindle may also seek to bid for the stations as part of a consortium.

Tindle owns an extensive media empire in Britain including over 200 local newspapers and seven radio stations but only has one Irish station, Midlands 103, which covers Westmeath, Laois and Offaly.

Industry sources said that Tindle is particularly proud of the performance of that station and is keen to develop an Irish radio group.

However, like several other potential purchasers, TCH, River Media and Tindle are all said to believe that the stations are overpriced. Emap has placed a value of around Euro190m on the three stations, which one source has described as "incredibly high".

TCH's immediate radio focus, however, is likely to be the development of synergies between its Cork youth station Red FM and Beat 102-103.

Neither station is understood to be profitable with Beat making a loss of over Euro475,000 in 2005, the last year of which accounts are available.

"We haven't really discussed it yet but we think that there will be plenty of synergies there, " said Des Whelan, a director of Beat 102-103, who now co-owns that station and WLR with TCH.

TCH's managing director Anthony Dinan said, however, that it had no plans to alter the running of the two stations. "But our organisation will help in any way possible to develop the stations, " he said.