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 [1]. 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 [2] England's largest magazine publisher.