LONDON: Flagging UK media group Emap has inked a deal to sell its consumer magazines and radio businesses to German publisher Bauer for £1.14 billion ($2.3bn; €1.58bn).
The magazine stable includes popular titles such as Heat and FHM, while the radio business is home to stations Kiss and Magic.
However, the company has shelved its plan to dispose of B2B unit Emap Communications - publisher of trade magazine and exhibitions organizer - because the bids it attracted did not meet expectations.
Executive chairman Alun Cathcart says Emap will now become a focused B2B company.
He claims the titles have long-term growth potential and the decision will be in the best long-term interest of shareholders.
Once the sale to Bauer is finalised, Derek Carter, current ceo of the B2B division, will head the slimmed-down group, while finance director Ian Griffiths will also take on the role of deputy ceo.
Cathcart, who stepped into the breach after former ceo Tom Moloney's sudden departure earlier in the year, will work with management until a new non-executive chairman is found.
Data sourced from BBC Online; additional content by WARC staff