EMAP Takes Control Of French Magazine Group
EMAP is to acquire a 50% stake in French publishing group, Media Nature, from its joint venture partner Bayard Group. EMAP will pay FF175.2 million (£16.0 million) for the stake, giving it full ownership of the outdoor titles publisher.
In the year ended 31 December 2000, Media Nature produced operating profits of FF36 million on a turnover of FF228 million. Under its full ownership, EMAP believes there are good opportunities for growing Media Nature’s current titles and improving the margins of the portfolio.
Based around Media Nature, EMAP expects to produce additional revenue streams from new magazine and event launches, complementary titles and the development of online activities through its joint venture with Wanadoo. The acquisition also continues EMAP’s strategy to develop its core business in France.
Commenting on the purchase Robin Miller, EMAP’s new group chief executive (see EMAP Chief Resigns As Results Come In Line With Expectations), said: “Today’s announcement is in line with our commitment to focus on our core skills and assets, bolt-on acquisitions and launches.
“Having part owned Media Nature’s magazines for several years, we know the business well and expect it to be easily integrated into EMAP France. Media Nature is a typical EMAP style bolt-on acquisition which complements our existing activities extremely well. We will do more of these.”
Separately, EMAP today also announced the launch of a new car title, ADDX, into the French market. The title is targeted at 18-24 year old male car enthusiasts and will be a sister title to Max Power in the UK. Yesterday the group said that it is to close lifestyle and entertainment magazine Sky, due to falling sales.
Shares in EMAP were down 7½p at 802½p by late morning.
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