Just last week, unconfirmed reports suggested that the UK media group is planning to spin off its radio assets, which also include Magic FM and Viking FM, into a separately listed company worth around £600m.
Emap's radio activities currently account for around one fifth of its business, making it one of the country's biggest radio operators alongside Capital Group and GWR.
However, Emap finance director Gary Hughes said that although the company wants to expand its radio division, it is not prepared to pay the high prices that are being demanded. Some radio stations are going for more than 30 times their price/earnings ratio, which Hughes believes is too much.
Hughes said he has £100m to spend on acquisitions overall, although this would mainly be spent on European exhibitions, particularly in France.
Hughes added that the company has adequate banking facilities available and would have no need to issue stock.
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