The Guardian Media Group has reportedly rejected bids from UTV and Orion Media for its radio division.
It emerged that the broadcasters made preliminary approaches for GMG Radio, which owns the Real Radio, Smooth Radio and Rock Radio brands, but the group rejected both their bids as they are lower than the amount that GMG expects.
According to the Sunday Telegraph, the broadcasters approached GMG chief executive, Andrew Miller, offering less than £100m for the radio portfolio, while the group expects £115m.
A GMG spokesman is understood to have told them that the company is not seeking a buyer at this time.
Ireland-based UTV owns talkSport and a number of local stations across Britain and Ireland, while Orion Media own local stations in the West Midlands and operates Heart 106 under franchise from Global Radio.