The sale of the Walt Disney Company's ABC Radio division has moved a step closer as the field of potential buyers has reduced to three.
The radio arm includes 72 US stations, with 44 in the top 25 markets and an estimated $710 million (€602m; £412m) in revenue, according to a recent report. Analysts have placed the unit's value at between $2 billion and $3bn.
Still in the auction are said to be US private equity group Kohlberg Kravis Roberts and radio companies Entercom Communications and Cumulus Radio of Georgia.
ABC Radio was put up for sale following a review of assets after the appointment of Bob Iger as Disney's new ceo. The Mouse House is hoping to ink a deal before the end of the year.
Data sourced from Financial Times online; additional content by WARC staff