Emap in magazine and radio sale

Emap's consumer magazine unit contains many well-known titles

Popular magazines such as Heat, Closer, FHM and Zoo are set to get a new owner after media group Emap agreed to sell its consumer magazine and radio units.

Emap is selling the businesses, which include the Magic and Kiss radio stations, to German publisher Bauer for £1.14bn ($2.3bn; 1.6bn euros).

The firm added it would return £1bn to shareholders following the sale.

Emap will be left with its business communications division, which includes a number of trade magazines.

Emap's shares fell 9.5% as analysts expressed disappointment that the firm had not apparently found a buyer for the business division.

'Successful outcome'

The price achieved for Emap Consumer Media and Emap Radio fully reflects the value of the two divisions Alun Cathcart, Emap executive chairman See Emap's share price

In May this year, the then Emap boss Tom Moloney left the firm "by mutual agreement" after 26 years as chief executive. Chairman Alun Cathcart has been running the company since Mr Moloney's departure.

In July, Emap said that it was considering breaking up the firm or spinning off units as part of a strategic review.

Announcing the sale of the consumer magazine and radio units, Mr Cathcart said he was "pleased" that the review had "achieved a successful outcome".

"The price achieved for Emap Consumer Media and Emap Radio fully reflects the value of the two divisions," he said.

The sale of the two units is subject to approval by Emap shareholders at a meeting in January.

In addition, the sale of Emap Radio is conditional on the completion of Emap's Irish Radio business, which was announced in July this year.

Bauer's acquisition of Emap Consumer Media is also conditional on competition clearance in Germany and Austria.

Bauer welcomed the deal, saying it "fitted perfectly" with its strategy of international expansion.