This morning’s press release from Emap was phrased in the language of the City, but to those used to reading the runes, it spells the end of the company as a major force in magazine publishing:
‘The Board of Emap today announces that, in response to various unsolicited proposals it has received recently for parts of the Group, it is undertaking a review of Emap’s group structure and portfolio of assets. All options to maximise shareholder value will be examined, including a possible sale or demerger of some or all of its constituent businesses. Citi and Lazard have been retained by the Board of Emap to assist on the review’
How did they manage to piss it all away?
It looks as if chairman Alun Cathcart will oversee the group being split into three parts – consumer titles, B2B magazines and radio so it can more easily be sold off.
After Tom Moloney went in May I said that Emap was ‘unlikely to be spoilt for choice’ for a new chief executive. That has proved the case – the company is still looking, but why bother now?