Emap agrees sale of French unit

The sale will generate a £285m windfall for Emap shareholders

UK media group Emap has agreed to sell its French consumer magazine unit, Emap France, to an Italian publishing firm for about 550m euros ($693m; £380m).

The business is being bought by Arnoldo Mondadori Editore, which entered into exclusive talks with Emap last week.

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

Emap said that it planned to return £285m of the proceeds to shareholders when the sale is completed.

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

When it reported its latest full-year results last month, Emap said total sales at its French arm were flat at £300m for the year to 31 March, while underlying sales were down 3%.