HIGH profile radio presenters Steve Price and Steve Vizard are off the air with the collapse of Melbourne Talk Radio this afternoon.

The talk radio station stopped broadcasting at 4.58pm today and was replaced with a new easy listening station MyMp.

The move follows part-owner Macquarie Radio pulling funding from the joint venture yesterday.

It was not an easy exit for the station.

This afternoon's drive presenter Luke Grant told listeners it was the end of the station and said goodbye to listeners before handing over to a news bulletin.

According to reports, one story into the bulletin the newsreader was heard to stop and apologise as she "thought we had one more bulletin'', before the plug was pulled.

Pacific Star Network, who hold the station licence, yesterday said they are considering legal action over the move by their former partners.

"After our joint venture partners took the course of action they did yesterday we have no alternative but to close the station effective of five oclock today,'' Pacific Star chief Barrie Quick said.

"Obviously we are considering our legal position.''

He said the future of the on-air presenters was in Macquarie Radio's hands.

"The talent and the employees are employed by 2GB.''

Originally published as MTR yanked off the air