Chrysalis may leave itself free to focus on the recorded music side of its business by selling its radio division, which is the UK's fourth largest and owns station brands Heart, Galaxy and LBC.
A spokesman said the company would not rule out a buyout, but it was just one of the options open to the board including a sale to a trade buyer, financial buyer and a non-domestic trade buyer.
He stressed it was too early in the review for the board to be studying any buyout proposal. "[A buyout] is not something they're considering or planning at the moment," he said.
The review was announced on February 12 by group chief executive Richard Huntingford, who said: "The latest Rajars [Chrysalis' best figures to date] confirm that we start this process from a position of considerable strength. We have no pre-conceived view on the outcome of the review, other than a commitment to ensure Chrysalis Radio's participation in the long-term development of the UK radio sector."
The average of analysts' estimates for the value of the radio business is £200m.
The share price for Chrysalis Group is currently 149.75p, compared with the 52-week high of 158.5p it hit after it announced its review.
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