Chrysalis, the third largest commercial operator in UK radio, has announced it will be launching a formal review of its own operations.
The operator, which owns Heart and Galaxy stations, will undertake a "wide-ranging" review in order to "assess all options which can deliver maximum value to Chrysalis shareholders".
Yet the review of the firm's position in "dynamic and competitive markets" could also involve a "potential demerger of the radio and music businesses".
Independent corporate finance advisory firm Hawkpoint partners has been appointed to assist with the review.
Commenting on the review Chrysalis chief executive Richard Huntingford said: "The valuable market positions we have created at Chrysalis radio, coupled with the ongoing consolidation in UK radio, suggest that now is an appropriate time to consider a formal review of our strategic options in this area."
He added: "We have no pre-conceived view on the outcome of the review, other than a commitment to ensure Chrysalis radio's participation in the long term development of the UK radio sector and thereby deliver the greatest benefit to all stakeholders, including shareholders, listeners, advertisers and employees"
The announcement comes just days since the company lost its bid for a new radio station in Manchester. Chrysalis hoped to bring new version of its London LBC to the city but of the 11 applicants, the Guardian Media Group (GMG) won the bid.
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