Hearst Partners in Bid for Emap
The Hearst Corporation has partnered with British private equity firm Exponent in its bid for Emap’s consumer publishing division, England’s Telegraph newspaper reported. Emap is the $3.8 billion British media company that publishes 50 consumer magazines including FHM, heat and Grazia. A Hearst spokesperson did not immediately return a request for comment.
Emap has been on the block since July and is possibly considering a three-way break-up of its media divisions, including its radio and b-to-b magazine groups. Besides Hearst, the other possible contenders for the consumer magazine division are Quadrangle and buyout group TPG. Emap has attracted interest from a wide variety of European and American buyers, but the sale faces a nasty credit market.
If it successfully acquires Emap’s consumer magazine division Hearst would become England’s largest magazine publisher.