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Last Updated: Monday, 12 June 2006, 07:52 GMT 08:52 UK
Italian firm targets Emap France
Magazines in a newsagent
European publishers have seen competition for readers increase
Italian publishing firm Arnoldo Mondadori Editore is in exclusive talks to buy the French business of UK media group Emap, the two firms have said.

Emap announced in February this year that it was planning to sell its French business, which has seen underlying sales fall.

Emap France publishes FHM, Sport Auto and Le Film Francais, and TV listings guides Tele Star and Tele Poche.

Its sale is expected to raise between 300m-400m ($553m-$737m).

In its latest full-year results, Emap said its French business had seen flat overall sales of 300m for the year to 31 March, with underlying sales down 3%.

Operating profits fell by a quarter to 38m, following a fall in advertising at its TV listings guides, poor newsstand sales and 8m spent on the launch of celebrity and gossip magazine Closer.

Announcing the talks with Mondadori, Emap said it expected to complete the sale in the first half of its 2006/07 financial year, with "surplus net proceeds" from the sale being returned to shareholders.




SEE ALSO
Emap pulls out of French market
28 Feb 06 |  Business
Emap buys internet fashion firm
14 Oct 05 |  Business
Scottish Radio accepts Emap offer
21 Jun 05 |  Business

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