- Talk Radio, the UK commercial radio group, has emerged as the leading contender to buy the AIM-listed Independent Radio Group.
IRG owns six radio stations including Scot FM, the regional station that broadcasts to central Scotland, and is expected to be valued at around £25 million.
Talk Radio, which is headed by former Mirror Group and News International executive Kelvin MacKenzie, had at one stage pulled out of the bidding but is now leading rival bidders. Also in the running is the Guardian Media Group.
Regional Independent Media, which earlier this year failed in its bid to buy the Mirror Group, was thought to have been another earlier bidder but has since pulled out without submitting a formal bid.
IRG is being sold because the company, which has stations in Warrington, Wigan and Cambridge, did not believe that its AIM valuation of £15 million represented its true worth.