Fairfax Media (ASX:FXJ) has confirmed that it is planning to offload its metropolitan and regional radio assets and has appointed KPMG to assist with the sale process.
The media company says the decision has been prompted by strong expressions of interest from potential bidders.
Reuters estimates the deal could be worth as much as $250 million.
KPMG will now conduct a strategic review of the business which is expected to conclude at the end of this year.
Fairfax says in the event of a sale the proceeds will be used to repay debt and increase financial flexibility.
Fairfax Media reported a net profit of $173 million in the 2010 financial year.
