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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, including an approach from private equity company Apax, for its business-to-business publishing division.

One senior media agency press buyer questioned whether Emap will hold on to its women's monthlies. "I know for a fact that its belief as a plc is that women's monthlies have no future as a commercially viable proposition," he said.

He cited New Woman, questioning whether Emap had any intention of investing more money into the title, and suggested that some monthly titles might be converted into weeklies, while it sold others.

The City reacted positively to news of the review, pushing shares up nearly 12% on the day of the announcement (27 July).

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."

Another media agency buyer dismissed the idea that expressions of interest for the consumer titles came from other publishers.

"I guess they would be from venture capitalist companies," he said. "I reckon other publishers would think, 'If Emap can't make that work, then we can't'".

Emap's company review fuels speculation that Emap will split up its business-to-business and consumer publishing divisions. Emap's business magazine division generated about a third of its total revenues of £884m in the 2006/07 financial year.

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

Emap said that its search to recruit 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.

The radio division is also suffering from an advertising downturn, although its radio stations, such as Magic and Kiss, are achieving impressive audience figures.

The group review is likely to be resolved within the next three months.