Outlook: It's been a pleasure working for you ...

A letter from David Arculus, who resigned abruptly as chief operating officer at United News and Media yesterday, to an old chum at the top international headhunting firm of Lewis, Banger and Ratheon, appears bizarrely to have been misdirected and as a consequence has turned up in the Independent's postbag. In the interests of transparency, we here reproduce it. "Dear Sir D ... [name withheld to protect confidentiality],

Chrysalis is outbid by rivals in battle for Melody Radio

The auction for Melody Radio has turned into a two-horse race between Scottish Radio and Emap. Chrysalis, the media programmer chaired by entrepreneur Chris Wright, has lost out in the battle for the easy listening station.

Rugby league; Tournoi and travel plans broaden horizons

The two factions expected to come to blows over the future of the game in Britain have both broadened their horizons with initiatives the value of which not even the other side could doubt.

GWR drops out of Melody Radio auction as sale price reaches pounds 25m

GWR, the radio group, has pulled out of the bidding for Melody Radio after the auction for the "easy listening" station pushed its sale price up to pounds 25m - at least pounds 5m more than most analysts had expected it to fetch.

Emap set to create new television channel

Emap, the publishing and information group, is expected to announce within days the development of a new television channel called Magic. The venture signals the company's determination to expand its television interests.

Investment Column: Emap could hit problems

Its been a bit quieter at Emap since its recent boardroom spat, but things have been bubbling away in the background, as yesterday's pounds 85m acquisition of Macmillan Magazines' health services division indicated. Through the deal, Emap has inherited six well-known trade titles, including Nursing Times and Health Services Journal, and analysts are confident that Emap will be able to make cost-savings of up to pounds 1m on the business, which made operating profits of pounds 8.4m last year.

Good to talk, better to read


Emap in talks with Virgin on TV link-up

Emap, the media and exhibitions group, is in talks with Richard Branson's Virgin Century Television about forming a partnership to expand its television interests. The deal would see Emap developing an array of programmes in-house which Virgin Century's chief executive, Jeremy Fox, would sell in the UK and abroad.

Smaller Companies: Adscene's bad news is over

Adscene, the free sheet and paid-for newspaper publisher and printer, produced weak preliminary results last week, writes Richard Phillips. Sales up pounds 6.2m to pounds 55.6m left operating profit unchanged at pounds 6m after an exceptional charge of pounds 800,000, while pre-tax profit fell to pounds 4.8m (pounds 5.1m). Earnings per share fell to 9.5p from 15p.

The Investment Column: Paper prices cut Smurfit's profits

Jefferson Smurfit, the world's largest maker of cardboard boxes, has been through the mill (so to speak) over the past two years or so. It is less than 18 months since the paper group was hailing its 1995 profits as the biggest ever made by an Irish company, but even then it was recognising that the seeds of its own nemesis were being sown in the form of collapsing prices in an over-supplied market.

Emap warns shareholders of sterling hit

Emap's French earnings will be hit by the strong pound, chairman Sir John Hoskyns warned shareholders at the company's 50th annual general meeting. He said: "Today, sterling is 20 per cent stronger against the French franc than the average rate over the last financial year. Our financing structures will continue to provide some hedge against this, but there will, nevertheless, be an effect on the sterling value of our French earnings."

CV: MIKE SOUTAR Managing director, Kiss FM


Emap puts 'for sale' sign over magazines

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 Investment Column: Emap set on its spending spree

Emap, the magazines to radio group, has managed to shrug off last year's boardroom bust-ups to emerge once more as a City darling. Yesterday's pre-tax profits of pounds 121.1m for the year to March beat analysts' forecasts - which ranged from pounds 110m to pounds 120m - and were up an impressive 40 per cent on last year's pounds 86.5m.

`B' is for beautiful

Out with ladettes, femininity is back in a new magazine for teenagers.
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Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

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