Emap to sell magazine assets

07-12-2007

Emap to sell magazine assets
Media group Emap has confirmed it is to sell its consumer magazine and radio businesses to German publishing firm Bauer.

The publisher of popular magazines Closer, FHM and Heat first put itself up for sale in July, when it announced a review of the group's structure and assets as a result of "various unsolicited proposals" it had received.

Emap said it planned to return around £1 billion to shareholders on the completion of the £1.14 billion deal with Bauer.

The proposed sale by the company, whose radio stations include Magic and Kiss, will be subject to shareholder approval at a meeting in January.

In addition the disposal of Emap Radio is conditional on the completion of the sale of the group's Irish radio business, while the takeover of Emap Consumer Media depends on competition clearance being achieved in Germany and Austria.

Emap said it would become a focused business-to-business group once the sale of its radio and magazine operations was completed.

The company had previously considered selling Emap Communications, which organises conferences and trade exhibitions and publishes the magazines Retail Week and Construction News.

However Emap today said its board had determined retaining the division and operating it on a standalone basis would provide the best value for shareholders.

Commenting on the planned changes at the company, Emap executive chairman Alun Cathcart said: "We are pleased to have achieved a successful outcome in the review of Emap's group structure.

"The price achieved for Emap Consumer Media and Emap Radio fully reflects the value of the two divisions."

Bookmark with:
Bookmark with: Digg Digg Bookmark with: Del.icio.us Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Automotive
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
Health / Beauty
Hotel / Catering / Restaurants
HR / Recruitment
Insurance / Pensions
International / Overseas
IT / Internet
Legal
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Telecommunications
Transport / Logistics
Travel / Tourism / Leisure