An Emap spokeswoman confirmed to the Sunday Tribune that the company had received offers for its radio division, which is valued at around �400m ( 595m), but refused to reveal the companies involved.

She added that it was probable that there would be further approaches for the division after Emap's announcement that it was reviewing its operations.

"Most people believe that it is more likely than not that something will happen, " she said.

Meanwhile, sources close to Lydian Capital, the Jersey-based investment vehicle backed by JP McManus, John Magnier and Dermot Desmond, has said that it was too early to say whether it would be interested in Emap's radio assets.

Lydian recently backed the �170m ( 250m) takeover of British radio operator Chrysalis Radio by Global Radio, a new commercial radio operation chaired by former ITV chief executive Charles Allen.

Philip O'Sullivan, a media analyst with Goodbody Stockbrokers, said that it was likely that McManus and Magnier would look at the stations if they were put up for sale. But he questioned whether UTV would be able to finance an outright takeover of the assets, given that its market capitalisation was around �224m ( 333m). "If Emap parcelled out the stations though, I think they would be interested in some of them, " O' Sullivan said.

Emap owns a number of Irish radio stations, including Today FM and Dublin's FM104.