The Face Attracts Attention From Potential Buyers
As the future of style bible The Face hangs in the balance, publisher Emap has confirmed that several bids have been tabled to purchase the magazine.
The Face was suspended last month as Emap declared it was exploring opportunities to radically reinvent the title. However, a spokeswoman for the publisher today confirmed that a number of bids have been received and that the magazine is now more likely to be sold than revamped.
She said: “We looked at a couple of options, radical reinvention, or the possibility of selling. The option to sell has attracted several bidders and the bidding process closes by the end of this week.”
Bids for the title are believed to have come from a range of organisations including established publishers and several venture capitalists. However, rumours that Hachette Filipacchi, the French-owned publisher of Elle and Red magazine, have been dismissed by Emap.
The Face launched in 1980 and is credited with defining styles and sounds of the 80s, 90s and into 2000 with cover stars such as Kate Moss and David Beckham. However, the magazine saw circulation dip by 4.6% year on year to just over 40,000 in the three months to December 2003. At its peak in 1996 the title flew from news-stands at a rate of over 113,000 copies a month.
The magazine’s suspension last month came as a surprise to many, as did the simultaneous axing of Emap’s veteran teen title, J17. Both magazines were said to be under-performing in their sectors and facing increasing competition from stronger titles (see Emap Confirms J-17 To Close And Face Suspended).
The speculation surrounding the future of The Face comes hot on the heels of plans announced by Emap Performance last month to cut a number of jobs across its radio and music magazine business as part of an ongoing strategy designed to increase profit margins. The cuts are expected to affect all departments at Emap Performance including its magazine publishing arm, which houses a range of titles including Q, Smash Hits, Kerrang! and Mixmag (see Emap Performance Restructures To Cut Costs).
Emap: 01733 568 900 www.emap.co.uk
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