Kevin Hand, chief executive of Emap, faced difficult questioning by board members in Paris yesterday over the future of Emap’s US interests. The Financial Times reported today that discussions were thought to address the ongoing question of Emap USA’s underperformance since acquisition and whether is should be sold (see Sharewatch).
It is not thought that the board came to a decision, but insiders are said to have hinted that the status quo was unlikely to be maintained. The FT quoted one insider as saying “there are too many mouths to feed.”
Emap’s US business, the result of its acquisition of Petersen Companies in 1998, has been hit the the softening of the vehicle advertising market, circulation decline, ageing readership, high staff turnover and under-investment.
At midday today Emap shares were worth £8.81½ each, an increase of 11½p on yesterday’s closing price.
Emap: 01733 568 900
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