Emap Radio sold for £422m

Emap’s 38 radio stations, including Magic 105.4, CFM, Radio City and Wave 105 have been sold to Bauer for a total of £422m in cash. The amount represents optional interest on the base purchase price at a rate of 10% per annum in the period from 30 September 2007 to completion.

As previously reported, the sale is conditional upon completion of the disposal of Irish stations Today FM, FM104 and Highland Radio as announced in July.

Emap intends to return approximately £1 billion (equivalent to approximately 460 pence per share) of the proceeds of the disposals to shareholders. The precise method and timing of the return of proceeds will be announced in due course.