London-based music and media group Chrysalis is declining to comment on U.K. press reports reports today (June 19) that a Swiss-based private equity vehicle backed by Irish financiers JP McManus, John Magnier and Dermot Desmond is in negotiations to buy its radio interests.

The Geneva-based company, Lydian Capital Partners, is reported to be offering between £170-£180 million ($337.5-$357.4 million).

The private equity fund, chaired by Irish entrepreneur Denis Brosnan, won the first bidding round for the radio stations Heart, Galaxy and LBC, giving Lydian exclusive rights to negotiate with Chrysalis, according to sources close to Chrysalis.

Chrysalis's decision to dispose of the radio stations, which include Heart, LBC and Galaxy, came following its February interim results report, which announced that a strategic review of the radio division by London-based investment bank Hawkpoint would take place.

A Chrysalis spokesman says: "This is an ongoing process which we hope to bring to a conclusion later this summer. There is so much speculation at the moment and we don't want to comment on a commercial sensitive matter."

Lydian Capital has not previously invested in British-based media assets, although Dermot Desmond owns Glasgow Celtic soccer club and tycoons Magnier and McManus are active in horse racing along with another Lydian Capital Partners backer, entrepreneur Michael Tabor. Its most recent deal was investing £255 million ($506,58 million) in Castlebeck, a U.K. company providing residential care for adults with learning disabilities and other special needs.