Hot Topic - Emap/Bauer
Emap shareholders approve Bauer deal
…not a moment too soon…
Emap, the media company about to disappear, moved another step (Thursday January 24) as shareholders approved the €1.54 billion (£1.14 billion) sale of its UK radio and consumer magazines to Bauer Verlag.
At the same meeting Emap reported earnings increases of 14% in the event marketing and business-to-business division. That part is about to be sold to a joint venture of Apax Partners and Guardian Media Group for €1.35 billion (£1 billion). The radio division also reported revenue increases – 6% - with stations Magic, Smash Hits and Kiss.
The consumer magazine business, which Bauer gets with the radio stations, dumped 9%. A company release said 2008 would “remain challenging” for consumer magazines.
The Bauer deal should now close in February. (JMH)
The final billion euro media deal of the year is very likely German publisher/broadcaster Heinrich Bauer Verlag buying UK publisher/broadcaster Emap. UK and German media wags view it quite differently, either an end or a beginning. The whole story is far more interesting because it’s very real.
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