NatMags and Conde Nast vie for titles

by Rachel Barnes, Media Week 21-Aug-07

Emap's consumer magazines are likely to be sold off piecemeal in cherry-picking deals with rival publishers, according to sources close to the business, with NatMags and Conde Nast vying for the weekly portfolio.

While private equity companies are expected to bid for the
business-to-business division and radio groups, such as Global Radio,
may bid for the radio business, the future of the consumer magazines

group is uncertain.

NatMags and Conde Nast would be leading suitors for the weeklies,
according to one observer. "If you add up More, Grazia, Heat, Closer and
First, you have a very strong position in the weekly market. Both
(NatMags and Conde Nast) would be interested." Future Publishing would
be the likely bidder for the specialist and music titles, while
Development Hell or Dennis would both take a look at FHM, Zoo and Arena,
he added.

Emap is expected to issue a sales memorandum for its businesses by the
end of the month, with a deadline for bids set for the end of November,
according to sources.

The sales memorandum, including sales projections, would be a precursor
to a full sales prospectus, which would be available to potential
suitors next month after the board completes its review. It is then
expected to impose an eight-week deadline for firm bids. This would be
taken to shareholders for approval with deals done and closed by the
early part of 2008.