Emap's magazines spark further interest

Emap’s consumer magazine division has attracted interest from the US publisher of Maxim, it was reported today.

Private equity firm Quadrangle is looking at expanding its magazine offering by snapping up the operation, which includes titles such as FHM, Grazia and Heat, according to The Times.

It is thought that Emap’s consumer titles business could fetch at least £700m (€1bn).

Speculation over Quadrangle’s interest comes less than three months after the group bought the US magazine arm of Dennis Publishing, publisher of Maxim and Viz.

Quadrangle, which declined to comment on the reports, also has investments in a host of other media firms including cinema operator Cinemark, production giant MGM and German commercial television broadcaster ProSiebenSat.1.

Indicative bids for Emap’s three business units are due this month and the company said last week it was in the process of sending out information to bidders.

Peterborough-based Emap, which has struggled in tougher advertising markets for its consumer magazines, said in July it would consider a possible sale or demerger of parts of the company in a strategic review of the firm.

The group’s business-to-business division, home to trade titles including Construction News and Retail Week, is seen as the most desirable part of the operations and is understood to have attracted interest from private equity firm Apax Partners, United Business Media and Informa.

However, all of the company’s divisions are said to have generated interest, including the consumer magazine arm which had been considered the hardest to sell.

The UK’s biggest commercial radio group Gcap Media and Global Media Network, the investment vehicle headed by former ITV chief executive Charles Allen which recently bought out Chrysalis’ radio arm, are reportedly interested in buying the radio unit, which features stations such as Kiss and Magic.

Earlier this year, Emap sold its Irish radio operations – Today FM, Dublin’s FM104 and Highland Radio – to Dublin-based Communicorp Group for £135m (€200m).