Hearst makes ú700m offer for Emap
Reports aboundedáMonday that Hearst Corporation hasámade a ú700 million bid for Emap's consumer magazine division.
Hearst would not provide comment for this story.
Adding Emap titles û which include Heat, Grazia, Closer and FHM û to Hearst's UK National Magazine Co. would make Hearst the biggest consumer magazine publisher in the country. Hearst's UK arm is called UK's National Magazine Company, or NatMag.
Last month, Emap issued information memorandums on each of its three business arms û consumer magazines, radio and business-to-business. So far, Apax Partners has emerged as the strongest bidder for Emap's business-to-business titles.
New York-based Hearst already has an international presence with titles like Cosmopolitan, which is licensed in more than 50 world markets. Hearst Magazines International drives more than a third of Hearst's magazine division profits now. Five years ago the international magazines accounted for less than 12% of Hearst magazine division profits.
Hearst Magazines publishes 19 US titles and 20 in the UK. Titles include Cosmopolitan, Esquire and Good Housekeeping.