"My favorite song is playing on the radio."

Translation: По радио играет моя любимая песня.

[siveZ]

Since word order is not strict in Russian, 'моя любимая песня играет по радио' should be acceptable as well.

[Shady_arc]

Actually, this just does not sound natural in Russian. I am not sure a native speaker would say that. Maybe it was OK about 70 years ago because it sounds quite old-fashioned (on the other hand, I am not old enough to confirm it).

Removed the sentence.