Hearst Bids for Emap?
The Hearst Corporation has made a bid to purchase Emap plc’s consumer publishing division. Emap is the $3.8 billion British media company that publishes 50 consumer magazines including FHM, Kerrang! and Trout Fisherman. A Hearst spokesperson declined to either confirm or deny the bid.
If the potential deal were to go in Hearst’s favor it would make the publishing giant—which puts out American titles such as Esquire and Cosmopolitan—Britain’s largest magazine owner, England’s Telegraph newspaper reports. Hearst is now Britain’s third largest magazine publisher, behind IPC which is owned by Time Warner. Emap has been on the block since July and is possibly considering a three-way break-up of its media divisions. The publisher’s radio and b-to-b magazine groups make up the other two divisions.
Emap has attracted interest from a wide variety of European and American buyers, but the sale faces a nasty credit market.