Fairfax Media has announced it wants to sell its radio assets. After months of speculation the company has formally notified the stock exchange of its intention to put the Radio Division on the market. While John Singleton has made very public approaches about buying the network,  there is more than one potential buyer in the mix.

In a statement to the stock exchange, CEO Greg Hywood said: “The decision to consider the divestment of Fairfax Radio has been taken in response to strong expressions of interest from prospective acquirers and as part of our ongoing review of opportunities to maximize shareholder value and the mix of assets we own.”

Fairfax Radio is performing strongly according to Hywood, who says the company has appointed KPMG Corporate Finance to assist with the sale process which is expected to begin in the next few weeks.

Any final decision to sell Fairfax Radio will be subject to “achieving an acceptable price and consideration of all options to maximise value.”

The company hopes to have its Radio Division sold “later this calendar year.” If that happens, the divestment proceeds “will be used initially to repay debt and increase financial flexibility.” Any strategic initiatives will be considered in the context of maximising shareholder value.

Hywood says the move is about “positioning Fairfax Media for long term growth and continuing with the implementation of Fairfax Media’s Strategic Plan. We anticipate further progress in FY12 executing our strategy to transform the Metropolitan Media Business, improving the underlying operating performance of all of our businesses and reshaping the portfolio to lift the long term growth rate.”