Last year, Emap revealed that operating profit at its French division was down 50% to £14m. This was partly due to a £6m investment in the successful launch of Closer magazine, but also due to a fall in advertising at its struggling TV listings magazines.
As recently as November, Tom Moloney, Emap group chief executive, had talked of the possibility of launching new titles in France in response to reports that Lagardere was preparing a bid.
Now Emap is saying that decision to sell has been taken after a review of its strategic investment priorities. It added that in the financial year to date, Emap France has been trading to expectations and was "strongly cash generative".
French titles include women's magazines Top Sante and Biba, FHM magazine, as well as a number of sporting, auto and science magazines. The sale is expected to take place towards the end of this year.
Moloney said today: "Emap has generated significant value by growing Emap France into a leading consumer magazine publisher with a strong position in its market, an attractive portfolio of established titles and a record of successful launches. We have positioned the business for growth and are now starting a process aimed at realising value."
Emap's first dip in to the French market was in 1990, with a joint venture with Bayard Press. Four years later, it acquired Edition Mondiale and Hersant, giving it a 10% share of the French magazine market.
It continued its acquisition programme with the purchase in 2003 of Excelsior Publications for £62m, as well as buying an exhibition company called Agor. At the same time, its partnership with French publisher Hachette Filipacchi, under which it published Red and Elle in the UK, ended.
Earlier this year, Emap closed legendary pop music magazine Smash Hits after 28 years. It also exited the homes market with the sale of Period Living & Traditional Homes to Centaur in a £1.5m deal.
Emap has appointed Citigroup and BNP Paribas as financial advisers in relation to the sale.
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