Emap buys online business information service for £23m
LONDON - It might be up for sale but Emap is still spending as it pays £23m for privately-owned online business information service Planet Media.
Emap said that the business will sit well with its magazine and events brands including WGSN, World Retail Congress, Retail Week, Drapers and Spring Fair.
Planet Media is a subscription-based online information service aimed at the global retail industry. Its information spans the grocery, food service, electronics, entertainment and office retail sectors.
Derek Carter, Emap Communications' chief executive, said: "We have long admired Planet Retail's products and look forward to working with the team to accelerate the growth of the business and unlock synergies within our B2B retail portfolio."
This month, Emap announced it was to examine its entire business with a view to selling off all or some of its businesses. It is thought likely that it will sell off its business to business publishing arm.
It also emerged that the Guardian Media Group has spoken with private equity firm Apax Partners to possibly launch a £2bn joint bid for Emap. However, it is believed that only preliminary conversations have taken place.
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