Emap, owners of Big City and Magic radio stations across the UK have finally agreed to sell its French Consumer Magazines division, Emap France, to Arnoldo Mondadori Editore S.p.A. for a cash consideration of approximately ?380 million.
Tom Moloney, Group Chief Executive of Emap, said: “Emap will now be allocating more resource, including launch spend, onto faster growth platforms. The sale of Emap France is in line with this strategy, and also allows us to return to shareholders a significant portion of the value created during our period as a French consumer magazine publisher.”
Tom continues: “Emap France is a well-positioned business which will continue to grow and prosper under new ownership. We wish our former colleagues and their new owners, Mondadori, with whom we enjoy a strong collaborative relationship, every commercial success in the future.”
The sale is conditional on the receipt of European regulatory clearance.