Guardian Media Group is believed to be in discussions with private equity firm Apax Partners about launching a £2 billion joint bid for Emap.
Talks between the two companies are at an early stage and that no formal agreement has been made, according to a report in today’s
Daily Telegraph.
According to the report, GMG is interested in Emap’s radio business, which includes the Kiss and Magic networks, whilst Apex is said to be likely to merge Emap’s business-to-business arm with trade magazine publisher Incisive Media, which it acquired last year.
GMG’s annual report, published earlier this month, showed that its turnover from continuing operations increased to £716.1 million for the financial year ending April 1 2007, up from £700.3 million the previous year (see GMG Reports Profits Increase).
Emap is currently carrying out a review of its structure and portfolio of assets, examining all options to maximise shareholder value including a possible sale of some or all of its businesses (see Emap Launches Review Of Structure And Assets).
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