Fairfax Media says it will hold onto its metropolitan radio assets due to a lack of acceptable takeover offers.

Fairfax said in May it would consider selling its metropolitan and regional radio assets after strong expressions of interest from prospective purchasers.

The company announced the sale of its regional assets in October, but said on Friday no acceptable offers had been made for the metropolitan radio stations, which include Sydney’s 2UE, Melbourne’s 3AW, Brisbane’s 4BC and Perth’s 6PR.

“Despite strong interest from multiple entities, no party in the process has ultimately been able to put forward a proposal that is acceptable to Fairfax Media,” the company said in a statement.

Fairfax non-executive director Michael Anderson will now oversee the development of a new strategic plan for the company’s metropolitan radio business.

Mr Anderson is a former chief executive of Austereo.

Fairfax also said preparations for an initial public offering of its New Zealand online auction and classified business Trade Me were proceeding well.