Emap has confirmed that Hachette Filipacchi is to keep hold of the glossy women’s monthly, Red after a £17 million deal was thrashed out between the two publishers.
Emap insiders have suggested that the group was keen to maintain control of
Red, and had increased its offer to Hachette several times in an attempt to prevent the magazine from changing hands.
“Following a sealed bid process, Red will no longer be part of its leading portfolio in the women’s consumer magazine marketplace,” said a statement from Emap yesterday. Hachette valued the title at approximately £34 million, almost double the amount bid by Emap and will now take full control of the magazine.
Paul Keenan, chief executive of Emap Consumer Media, commented: “Emap offered a good price for the title based on what we thought Red would achieve over the next five years. HFM offered more.”
The future of Red has hung in the balance since Hachette ended its joint ventures with Emap following its acquisition of Attic Futura (see Hachette Buys Attic Futura For ). The split saw Hachette take control of the heavyweight Elle titles.
