Emap has sold its Australian magazines business to ACP Magazines for £38 million as it continues with the break-up of its business.
Following the sale, Emap will continue to benefit from licence revenues from the Australian editions of
ZOO,
FHM,
Empire,
Mother & Baby and
Pregnancy & Birth. In the year to 31 March 2007, the business had revenue of A$66m and operating profit of A$2m.
Commenting on the sale, Paul Keenan, chief executive of Emap Consumer Media, said: “Over the last ten years, and through a total launch and acquisition investment of some A$29m, we have grown Emap Australia into a leading player in its market.
“The outcome of this transaction reflects the quality of the brands and activities we have built in Australia and the depth of creative talent we have developed there. We look forward to a long term partnership with ACP Magazines on these titles and future publishing initiatives.”
Around 30 companies are thought to have shown interest in either Emap’s consumer magazines, business-to-business or radio divisions, with the company thought to be keen on offering loans to potential bidders as it attempts to ensure its break up auction goes ahead despite the volatility in the credit markets (see Emap Could Offer Loans To Bidders).
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