Emap is encouraged with the progress of their company review so far, the Magic owner said this morning. They remains focused on examining all options to maximise shareholder value, including a possible sale or demerger of the constituent parts of the Group.
The update, issued this morning, follows an announcement on July 27th about the review of Emap's group structure and portfolio of assets. Speculation has been high in the papers about who is interested in buying which parts of the group. The FT reported over 30 approaches had been made.
[i]Trading since the last update has been encouraging. The B2B division continues to deliver strong underlying revenue growth; Radio is performing well in what appears to be a more positive market; and, while revenue growth remains challenging in our consumer magazine markets, there is increasing confidence that the operational efficiency initiatives commenced last year will deliver benefits earlier than anticipated.[/i]
GMG Radio has already confirmed they would look at their options, whilst GCap Media and Global Radio are also thought to be interested. Industry speculation suggests this may be a perfect opportunity for a foreign company to enter the UK radio market, following in the footsteps of CanWest.
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