Emap is to focus more on its UK magazine business following its decision to sell Emap USA.
Emap USA, the ninth largest publisher of consumer magazines in the US by circulation, is to be sold to Premedia Inc for £366m following disappointing performances.
Emap, which acquired the company early last year and rebranded it Emap USA, says the sale will enable it to focus more on its UK and French business, which includes consumer magazines, radio, b2b publishing and events.
However, the deal excludes the US edition of men's lifestyle title FHM magazine, the fastest growing men's magazine in the US. FHM, published in 16 countries, will be the vehicle for Emap's international development.
Commenting on the sale, Robin Miller, group chief executive, said: "The impending sale, of what was the old Petersen business, closes an unhappy chapter in Emap's history. In the context of a difficult US market we regard the sale as a reasonable result. With a renewed focus, I am confident we can move our business forward and regain the success we, and our shareholders, are used to."
{{CTN }}
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