EMAP UK SELLS ITS MAGAZINE AND RADIO BUSINESSES BUT KEEPS ITS B2B DIVISION
December 23rd 2007 06:36
Emap is selling its magazines and radio businesses to the German publishing group Heinrich Bauer for GBP1.14 billion (AS2.61 billion) but will keep its more valuable business-to-business arm, according to the Guardian which followed up a story that originally appeared in the Financial Times.
Bauer adds the assets, including magazines such as Grazia and FHM, to the family business's numerous European publishing operations, including British magazines Bella, Take a Break and TV Quick.
Emap Radio is Britain’s second-largest commercial radio operator, with 38 local stations and a digital radio network. Its top brands include Magic and Kiss.
Interested parties included the private equity firms Cinven and Candover, and there was a joint bid from Apax and Guardian Media Group, publisher of the Guardian and Observer newspapers.
Emap said their bids were not high enough.
Emap put itself up for sale in July following shareholder pressure, approaches from possible buyers and a languishing share price.
- From MediaBlab
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