Emap Breakdown

Emap is falling to pieces. Both metaphorically and literally. In the last two weeks, their Republic of Ireland radio station was sold off and 50% of their music TV business to Channel 4. Brands like Heat, Grazia and Pop are what makes Emap famous but Emaps' cash cow is their B2B division, which includes WGSN and Retail Week. Private equity firm Apax is in talks with the company, pricing the B2B business at £1.3billion. A demerger of Emap is certain (or according to Emap, a "strategic review"). It's a question of who will be snapping up the constituent parts.

My interest is in the consumer titles. At a time when magazines are still trying to define themselves in an environment of online magazines, YouTube, MySpace and Facebook and to retain readers' interest within a magazine's glossy pages, I wonder who will be the new owner of Grazia.

See: www.emap.com