FINANCES, BUSINESS VENTURES & OVERALL INCOME....

Emap prepares for UK sales scrum with preliminary sale
By Sam Fountain, 13 September 2007, emailed 3 times
As the bidding war for the UK arms of publishing giant, Emap brews, the group has announced the sale of its Australian division to ACP Magazines for £38m.
Emap sold the business, which reported an operating profit of A$2m from revenues of A$66m for the year to March on a debt free, cash free basis for a cash consideration of A$94m.

Emap will continue to benefit from licence revenues from the Australian editions of ZOO, FHM, Empire, Mother & Baby and Pregnancy & Birth following the sale, the company said.“Over the last ten years, and through a total launch and acquisition investment of some A$29m, we have grown Emap Australia into a leading player in its market,” said chief executive of consumer media for Emap, Paul Keenan. ”The outcome of this transaction reflects the quality of the brands and activities we have built in Australia and the depth of creative talent we have developed there.”Shares in Emap remain largely unchanged at 898p, which values the firm at £1.94bn.