Six groups have been shortlisted by Emap to buy its Irish radio assets, which comprise national broadcaster Today FM, Dublin's FM104 and Highland Radio in Donegal.

It is understood that the shortlisted bidders include UTV; TV3, which is owned by Doughty Hanson; Denis O' Brien's Communicorp; New Wave Media, a Scottish company owned by former Scottish Radio Holdings chief executive Richard Findlay and his son Adam; and The Irish Times Ltd. One other unnamed private equity group has also been listed.

The shortlisted bids are thought to range from €150 million to about €180 million.

Emap is believed to have received 11 offers for the stations. The sale is being handled by Merrion Capital.

The shortlisted groups will be given access to an online data room as part of a six-week due diligence process. Management at the stations are also expected to make presentations to the bidders.

The shortlist is expected to be cut to two groups, who will then be asked to make final bids. Emap is believed to be seeking about €200 million for the three stations.

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, according to a recent memorandum.

It is understood that Thomas Crosbie Holdings and iRadio, a consortium headed by Dan Healy and backed by Boundary Capital, did not bid for the stations.

Private equity group Quadrangle is believed to be out of the running.