A string of private equity and trade bidders for Emap’s three divisions have been told that they are through to the second round in the sale of the media company.

Defying market conditions, Emap is understood to have received numerous offers, and at least five bidders for each division have made it through to the next stage.

Those through to the second round of bidding for the business-to-business division include Guardian Media Group, UBM and the private equity houses Apax, Cinven and Providence.

The arm has a mooted value of £1.3 billion.

Providence and Cinven are also understood to be through to the second round to buy the consumer magazines division, which is behind titles such as FHM, Grazia and Closer.

Others believed to be through to the next stage for the consumer arm, worth about £700 million, include Hearst and Quadrangle, the investment group that earlier this year acquired Dennis Publishing’s titles in the United States for $240 million (£119 million).

Exponent, the private equity house that made a bid just for Emap’s specialist magazines, is also through.

Although there is a preference to sell Emap in three parts, sources said that a break-up of the divisions is possible at the right price.

GCap, Global Radio, UTV and private equity houses including Veronis Suhler Stevenson and Vitruvian Partners are understood to be through to the second round in the sale of Emap’s £400 million radio division.

Industry sources suggested that the radio arm could be broken up, as they questioned whether the bidders had the buying power to fund a purchase of the whole division.

There are also likely to be regulatory concerns from the trade bidder GCap about whether it will have to dispose of stations if it acquires the radio division.

It is understood that there are concerns among some private equity bidders about whether the credit crunch will lead to issues with financing further down the line.

Sources said that Emap would like the sales, which are being handled by Citigroup and Lazard, to be completed by the end of the year. However, if financing does prove a problem, Emap would consider a demerger.

Emap put its assets up for sale in response to approaches made after it lost its chief executive in May. The group is Britain’s second-largest consumer magazines publisher by sales.

In the running

Through to the second round

Business-to-business

Apax, UBM, Guardian Media Group, Providence, Cinven

Consumer magazines

Hearst, Providence, Cinven, Quadrangle, Exponent

Radio

GCap, Global Radio, Vitruvian Partners, Veronis Suhler Stevenson, UTV

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