It is understood there is a shortlist of six bidders, including three media interests and three private equity houses. The companies have five weeks to lodge final bids.

Sources said that, despite the widespread cynicism in the market over the high valuation Emap had placed on its stations, there was strong interest n the company, with over a dozen indicative bids received from interested parties.

However, it is understood that one major Irish player, Thomas Crosbie Holdings, which owns the Irish Examiner, is believed not to have lodged an indicative bid after deciding to focus its attention on its recent radio acquisitions, WLR FM and Beat 102-103.

Emap has refused to rule out distributing the proceeds of the sale of the stations to its shareholders in an attempt to appease them after the group's recent poor performance.

One source said its determination to sell the stations was clear from its management of the initial bid process.

"They actually contacted us a second time to remind about the closing date for indicative bids, which is extremely unusual in a media sale, " he said.

The source added that it was likely that Emap would still face difficulties in achieving the 200m valuation it is believed to have privately put on the stations.