Emap puts 'for sale' sign over magazines

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The Independent Online
Emap is hoping soon to clinch the sale of several of its business, following approaches from a prospective purchaser, writes Cathy Newman. According to an internal memo, Emap's decision to put a package of around 14 titles up for sale is part of a "strategic move to focus investment within fewer, bigger markets".

The company is aiming to complete the sale "within the next few weeks", the memo adds. Among the magazines earmarked for disposal are Press Gazette, Media Week, and AV Magazine.

The identity of the buyer is unknown, but it is understood that the titles are not being bought by publishers of rival magazines. Analysts speculated that Pearson or Miller Freeman could snap up the publications being sold.

Despite the likelihood of imminent disposals, Emap said as it unveiled annual profits before tax up 40 per cent to pounds 121.1m, that it remained keen to acquire, particularly radio licences.

Robin Miller, group chief executive, hoped that the current radio points system would be revised, allowing Emap to expand more aggressively in the sector.

Investment column, page 23

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