Emap shareholders have approved the sale of the company’s consumer magazine and radio businesses to German publisher H. Bauer.
At the general meeting, held at midday today, 97.95 per cent of the shareholders voted to approve the deal, which is worth £1.14 billion.
The sale is set to go through in early February and will be followed by the sale of Emap’s B2B portfolio to Guardian Media Group and private equity group, Apax.
In a trading statement issued today, Emap revealed that the B2B business has seen revenues rise by 14 per cent revenue year on year.
Revenues for Emap’s consumer magazines business fell by nine per cent year on year with the Christmas issues of titles performing weaker than expected, affecting December’s revenue.
Revenues at the radio division was up six percent rise year-on-year, excluding Emap’s Irish radio stations which were sold earlier this month.