British magazine publishing giant Emap is eyeing expansion in the US, less than two years after it lost nearly $1 billion (€0.9bn; £0.6bn) in an earlier attempt to do so.
The group has shifted Andrew Ormson from his post as finance director at Emap Advertising to the new position of general manager at Emap Metro in New York.
Ormson’s brief is to build men’s title FHM, now Emap’s sole US publishing property, and examine opportunities for new stateside publications.
Emap is considering exporting some of its UK publications across the Atlantic. Men’s titles are reportedly the most likely candidates.
“There is a case for expansion is the US,” declared Marcus Rich, managing director of FHM Worldwide. “The US is a huge market, five times the size of the UK. There are various ways to cut and slice the various [Emap] mastheads.”
The group’s appointment of a finance director to the new role suggests it is wary of getting its fingers burnt again stateside. In 2001 it sold its US Petersen Publishing unit for $515 million, having purchased it just three years earlier for $1.5bn [WAMN: 02-Jul-01].
Data sourced from: Media Week (UK); additional content by WARC staff