The Times has reported that private equity group Cinven is planning on making a bid for EMAPs business and consumer magazine divisions, both of which are now up for sale. The reports have surprised some in the city who didn't expect any one private equity firm to be able to afford even one of the EMAP divisions, let alone two - some were expected to make bids for units within the divisions, even though EMAP hasn't formally said it will sell its assets off in that way.
Elsewhere a consortium led by former Chrysalis CEO Phil Riley is bidding to buy EMAP's other big division, the radio business, which owns the Kiss, Magic and Kerrang! stations. Riley is likely to find himself bidding against Global Radio - who acquired Chrysalis' radio business earlier this year - to acquire EMAP's broadcast business.