EMAP is selling its magazine and radio business to H Bauer for £1.14bn. The deal, which does not include its business-to-business titles, will include celebrity gossip magazine, Heat, and the Magic network.
The deal is subject to approval from shareholders at a meeting due to take place in January. The company said that it intends to return about £1 billion to shareholders.
German publisher Bauer, which already owns more than 150 magazines globally including Take a Break, Bella, That’s Life and TV Choice in the UK.