Emap USA, the former Petersen publishing business, was acquired in December 1998 under the leadership of former chief executive Kevin Hand. Hand has since lost his job as a result of the purchase, the over-inflated price he agreed and the fact that the firm has had to take a £545m write-down on the business.
Emap shares jumped 4% to 728p on the news of the sale of the division to US publishing group Primedia. The sale did not include its successful men's magazine FHM.
Emap's share price fell 4.5p on this morning's news to 719.5p.