Emap has sold its Australian consumer magazines – including local versions of Zoo, FHM and Empire – to Australia’s biggest magazine publisher, ACP, for £38m.
The magazine and radio giant announced in May that it was carrying out a strategic review of its 20 titles in Australia, which made a profit of around £0.8m in the 2006/07 financial year on revenues of about £27m.
The chief executive of Emap Consumer Media, Paul Keenan, said: “Over the past 10 years, we have grown Emap Australia into a leading player in its market.
“The outcome of this transaction reflects the quality of the brands and activities we have built in Australia and the depth of creative talent we have developed there.
“We look forward to a long term partnership with ACP Magazines on these titles and future publishing initiatives.”
ACP publishes more than 60 titles in Australia, including Australian Women’s Weekly and Cosmopolitan. Under the deal, Emap will continue to receive licence revenues from the use of its brand names.