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Emap is likely to launch itself back into the women's glossy monthly market following the change in ownership that will see Hachette Filipacchi take control of Red.
Sources at the publisher said that Emap would develop a replacement title following the break-up of its joint venture with Hachette that has seen the French publisher take control of Red and Elle.
In a sealed bid process Hachette bid pounds 17.1 million to buy Emap's 50 per cent stake in the title, valuing Red at pounds 34.1 million. This compares to the pounds 40 million Hachette recently paid for Attic Futura.
Emap also submitted a bid for Red but failed to match Hachette's valuation.
Red, launched by Emap Hachette in 1998, has a circulation of 186,023, an increase of 7.7 per cent over the past year.
Before the decision on Red was reached, Hachette had taken control of Elle and Elle Girl with ...