Dan Sabbagh, Media Editor
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H Bauer, the publisher of Take A Break and TV Choice, is contemplating a late tilt at Emap’s magazine and radio divisions, as the first bids for the component parts of the British publishing group began to arrive yesterday.
The emergence of Bauer as a contender boosts Emap’s chances of achieving a successful break-up and sale, as it increases the level of competition for the Heat and Closer consumer magazine business.
The only trade bidder for the consumer magazines was believed to be Hearst, the owner of Cosmopolitan and Esquire, which has been working with Exponent Private Equity. The consumer magazines are valued at around £700 million and are considered to be the hardest part of the group to sell. Quadrangle and TPG, the private equity firms, have also eyed the unit.
Bauer is 96 per cent-owned by Heinz Bauer. The owner is the fourth generation of the family to run the company, which dates back to 1875. Turnover reached €1.76 billion (£1.24 billion) in 2005, the most recent year for which figures are available.
The company publishes 40 titles in Germany and has had success in Britain gradually building a portfolio of titles aimed principally at housewives. Bauer has also enquired about Emap’s radio interests and may submit a bid for both consumer magazines and radio.
Emap starting to receive second-round bids yesterday. The radio and professional publishing units – rated at £400 million and £1.25 billion respectively – have attracted more overt interest. Global Radio, the owners of Heart and Galaxy, and a private equity bid from Vitruvian and Veronis Sulher Stevenson have put in.
Meanwhile, the business-to-busi-ness division, home to Nursing Times and the Cannes Lions advertising trade show, has attracted bids from Providence Equity and Permira together, Apax and the Guardian Media Group jointly and the pairing of Candover and Cinven.
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