Hearst Offers £700m for Emap Consumer Titles

09 October 2007

LONDON: Flagging UK media group Emap is reportedly mulling a £700 million ($1.4bn; €1.01bn) offer for its consumer magazines from privately owned US publisher Hearst.

Emap signalled its willingness to put up 'for sale' signs over its three divisions - magazines, radio and B2B operations - earlier in the summer under pressure from investors.

The company, whose interests include celebrity gossip title Heat and the Kiss 100 radio station, has been suffering from sliding revenues and profits.

A successful bid from Hearst, currently the third biggest publisher of magazines in the UK under the moniker of the National Magazine Company, may not be welcomed by advertisers and media buyers.

NMC publishes Cosmopolitan, Esquire and Country Living titles in the UK. Foreign markets now account for more than a third of Hearst's magazine division's profits, according to company executives.

Both Emap and its prospective suitor are staying zip-lipped.

Data sourced from Financial Times online; additional content by WARC staff