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The company said it had received a number of expressions of interest from third parties for various parts of the group.

In a statement, Emap said: "All options to maximise shareholder value will be examined, including a possible sale or demerger of some or all of its constituent businesses".

The announcement fuels speculation that the troubled publisher will split up its business-to-business and consumer publishing divisions. Its business magazine division generated about a third of its total revenues of £884m in the 2006/07 financial year.

Emap has drafted in consultancy firms Citi and Lazard to advise it on the review, which is being overseen by executive chairman and acting chief executive Alun Cathcart, pictured, and group finance director Ian Griffiths.

Emap said that its search for a new chief executive will "continue in tandem with the review process".

The consumer side of the business has been hit particularly hard by the shift in consumer media habits. Ad revenues for Q2 were down 13%. The radio division is also suffering from an advertising downturn, though its radio stations such as Magic and Kiss are achieving impressive audience figures.