Emap, which is seeking bids for its consumer publishing arm, said the investment in Arena would have no impact on deciding whether to sell or retain its consumer mag business. The company said it intends to continue with the sale of the entire publications division and that it has no plans to sell parts of the unit in a bid to entice more bidders. Recent speculation is that Emap may be forced to split its consumer arm to meet its £700m target sale price.
Emap is reviewing its assets and five companies - Hearst, Providence, Exponent, Cinven and Quadrangle - are believed to have submitted bids for the consumer magazines arm.
A spokeswoman for Brunswick, which is handling the sale, said: "Everything is proceeding as normal and the review is going well. We have had a number of bids from trade and private equity groups."
The relaunched December issue of Arena is due out on news-stands today (Tuesday) and has been led by new editor Giles Hattersley, formerly of The Sunday Times. Four new sections include: Intelligence - a monthly briefing on topics from terrorism to club hopping; Handbook - a guide to the best buys on the market; Review - cultural topics, and Life - urban coverage. The new edition also features the inaugural annual "40 under 40" power list.
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