The future of radio stations Heart and Galaxy has been called into question after owner Chrysalis said it would consider putting them up for sale.
The group, which also owns a music publishing business, said it was the right time to carry out the review of its options for the radio division.
Chrysalis is the third largest commercial operator in UK radio and Birmingham-based 100.7 Heart FM is the West Midlands' biggest commercial radio station.
Group chief executive Richard Huntingford said the company had no "pre-conceived view" on the outcome of the review.
Reports last week suggested Schroders – the company’s second largest shareholder – had been pressing for a break-up as it believed the two parts of the business were under-valued.
Possible valuations for the radio unit range from #166 million to #200 million.
While founder and largest shareholder Chris Wright has been against a sale, it is thought he is leaning towards offloading the radio business, particularly as the company has struggled to grow through acquisitions.
Such a move would leave him with one of the largest independent music publishing operations with artists such as Gnarls Barkley, The Dixie Chicks and Mariah Carey.
As well as Heart and Galaxy, Chrysalis operates the London news station LBC and the digital-only brand, The Arrow.
In 1993 the radio division was established under Mr Huntingford. The first station to be launched was 100.7 Heart FM in September 1994 with London's Heart 106.2 following a year later.
The Chrysalis Records label was sold to EMI in 1991, while the company’s books division was offloaded in 2005.
Mr Huntingford said Chrysalis entered the review process from a position of "considerable strength" after strong industry listening figures and the publication of a better-than-expected trading update.
He added: "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." Yesterday’s statement is likely to interest Emap, which owns stations including Kerrang! and Magic.
One analyst said last week that the Galaxy radio assets, which account for around 30 per cent of Chrysalis’ radio revenues, were likely to be the primary target for Emap.
In a research note, Bridgewell analysts said there would be no shortage of buyers and short term attention would focus on a disposal of the radio assets.