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Profits fall forces Emap to sell flagging French division.(Brief Article)
Emap has announced it is selling off its flagging French magazine business - a decision, it said, that was made after a review of strategic investment priorities.
The announcement marks a change of strategy for the publisher. Last November, the Emap chief executive, Tom Moloney, responded to reports that the rival media company Lagardere was preparing a bid for Emap's French titles by saying that product launches were the 'best way forward' for the business.
Last year, Emap revealed that profits at its French division were down by 50 per cent to pounds 14 million. The decrease was partly attributed to Emap investing pounds 6 million in the launch of the French version of Closer and a fall in advertising revenues across its portfolio of TV listings magazines.
Proceeds from the sale of the division will be passed on to Emap's investors.
Emap's French arm publishes around 50 magazines, including the French edition of Closer, the women's title Pleine Vie and Tele Star.
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