Talks in Australia continue between Fairfax Media and interested parties to sell their radio division, a sale that could exceed $260-290 million US dollars. Fairfax has 15 city and regional network stations in its portfolio, including Sydney's 2UE, Melbourne's 3AW, and 6PR in Perth. Macquarie Radio has emerged as a possible buyer, but their current market cap is far below the proposed asking price so they would have to raise capital in order to compete. Radio-Info reported Monday that KPMG has been brought into oversee the sale. Fairfax Chief Executive Greg Hywood tells the Australian newspaper, "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." It's expected proceeds of the radio division sale will go toward repaying company debt and bolstering financial liquidity of that publishes newspapers such as the Sydney Morning Herald.