Emap shareholders have approved the sale of the group’s consumer magazine and radio operation to H Bauer for £1.14 billion.
Today’s general meeting saw separate votes held on the consumer magazine and radio deals, with 97.75% of the votes cast in each case in favour of agreeing the terms of sale.
Shareholders have yet to vote on the sale of Emap’s business-to-business magazine and events operation to Guardian Media Group and private equity firm Apex (see Emap Sells B-2-B to GMG).
Earlier today, Emap had revealed that its consumer magazines business revenues declined by 9% in the three months to the end of December.
On an underlying basis, in the same period, revenue was down 10%, with circulation down 8% and advertising down 12%. December revenues, in particular, deteriorated with the Christmas issues weaker than expected, said Emap.
Related Links
