Business Weekly - Cambridge, UK

Shareholders agreed with the company's proposed £1.14bn sale, which will see Emap's consumer media business, including Heat and FHM magazines, along with its radio operations change into German publisher, Heinrich Bauer Verlag's hands.

Emap said that its UK consumer magazines business had seen a nine per cent decline in revenues compared with the third quarter last year, adding that it expected trading conditions to remain challenging into 2008.

Its radio business however, excluding the Republic of Ireland radio stations, the sale of which completed on 11 January, with Emap receiving outstanding net proceeds of £124m, showed an advance of six per cent over last year, adding that it remains encouraged by trading prospects for the rest of the 2008 financial year.

The deal was proposed last month, as was the company's recommended takeover by a vehicle formed by private equity firm Apax Partners and Guardian Media Group for 470p per share.

Emap said that trading for the continuing group in the third quarter was robust and remains on track to deliver against its expectations for the full year.

It said that third quarter revenues had increased 14 per cent in its B2B business, with revenues from its information products, events and magazine divisions growing by 19%, 12% and 5% respectively, on an underlying basis.

Shares in the remaining business were largely unchanged by the GM result, standing at 913.5p.

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