Emap is reported to be looking for a partner to make a £1.5 billion joint bid for IPC Media.
It is believed that Emap has already approached a national newspaper about a joint bid but the approach was rejected.
Emap bid for IPC back in 1997 but lost out when Reed Elsevier sold the company to a management buyout backed by venture capitalist Cinven for £860 million.
Cinven made it clear earlier this year that it was looking to cash in its investment. IPC Media is investigating a flotation, but analysts suggest a sale is more likely given the scale of the company's debt. Other potential buyers include German publisher Bertelsmann, France's Hachette, and the National Magazine company which recently beat IPC in the race to buy Gruner + Jahr's UK magazines.
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