THE private-equity group Apax Partners has made an approach to buy the best-performing division of Emap, the media conglomerate that owns the Kiss FM radio station and a string of magazines, including Grazia and FHM.

Apax has set its sights on Emap’s business-to-business arm, which owns a stable of trade magazines and is worth about £1.3 billion. If the approach is successful it would mark the first stage in the possible break-up of the media empire, which has a market value of £1.9 billion and began life as a regional newspaper publisher.

On Friday, Emap announced plans to hold a strategic review of all its businesses, saying disposals or demergers were possible.

The statement marked a u-turn for the board, which has resisted calls by investors and analysts to break itself up. Many observers have argued that there is little synergy between the company’s constituent parts and say a break-up is the most sensible strategy.

Apax wants to buy Emap’s business-to-business arm, which produces magazines such as Retail Week and stages associated conferences and events. Analysts say it is the fastest-growing part of the sprawling Emap empire.

If it succeeds, Apax is likely to merge the operation with Incisive Media, the business-magazines company it acquired in a public-to-private deal last year.

Although Apax has contacted Emap’s board, led by executive chairman Alun Cathcart, the talks are at an early stage. Emap has hired Lazard and Citibank, the investment banks, to work on the review.

As well as its B2B arm, Emap’s businesses include a radio network, which owns the Magic and Kiss stations, and a magazine arm that produces a number of popular titles, including Motorcycle News, Angling Times, Closer, FHM and Kerrang.

Global Radio Network, the media group led by the former ITV chief executive Charles Allen, which recently acquired the radio assets of Chrysalis, is also thought to have been in touch with the Emap board.

It is interested in buying the radio assets, which are estimated to be worth £1.2 billion. Analysts think it could combine its Galaxy dance-music station with the similar Kiss.

Other parties thought to be interested in buying parts of Emap include United Business Media and Informa.

One insider said: “Emap is keen to avoid selling both the B2B and the radio businesses and being left with the more difficult magazine assets.”

It is understood that nobody has expressed an interest in acquiring the whole of Emap. Some observers think the most likely outcome of the review will be a demerger of the B2B division rather than a sale of any part of the company.

Emap is currently without a chief executive after former boss Tom Molo-ney resigned from the group “by mutual agreement” in May. Cathcart, who joined the board last year, has been assuming executive duties until a replacement is found.

The company has said it will continue the hunt for a chief executive while it pursues the strategic review.

Emap shares have underperformed recently, and the board is known to be frustrated that they are trading at levels broadly similar to where they were a decade ago.

They jumped 12% on news of the review, to close at 858p. Simon Cole, chief executive of UBC Media, the radio group, is considering taking the business private or acquiring its digital-music downloading arm.

There are thought to be a number of parties interested in backing Cole, according to City sources. Talks are said to be at a preliminary stage.

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