EMAP plc to Acquire The Petersen Companies

Posted on December 15, 1998

EMAP plc and The Petersen Companies, Inc. have announced an offer to acquire the whole of the share capital of Petersen. Following the acquisition, which has been approved by the boards of both companies, Petersen will become a new division of EMAP. Jim Dunning, Petersen's Chairman, President and Chief Executive Officer, will remain as Chairman and President of the new division (which will be called EMAP Petersen).

It is anticipated that, upon completion of the deal, Dunning will be invited to join the board of EMAP plc and will report directly to EMAP's Group Chief Executive, Kevin Hand. The Board of EMAP Petersen will include the existing executive directors of Petersen together with EMAP's own executive directors.

With a market capitalisation of US$3.7 billion, EMAP is an international media company based in London with operations in the UK, France, Germany, Australia and Singapore. In addition to being one of the largest consumer magazine publishers in Europe, EMAP is also a major publisher of business magazines and has established a leading position within the UK commercial radio market.

Petersen, based in New York City and Los Angeles, is a leading special interest consumer magazine publisher in the US, with a portfolio of over 130 titles, including market-leading titles such as Hot Rod, Motor Trend and Teen. EMAP's best-selling consumer magazine titles in the UK include FHM, Smash Hits, Motorcycle News, and Q, and in France, Tele Star and Modes & Travaux.

Commenting on EMAP's US expansion, Kevin Hand, Group Chief Executive of EMAP, said: "Petersen represents an outstanding opportunity for us to secure a successful, well-managed business in the US the world's largest magazine market. This acquisition is an important step towards fulfilling our international strategy. With so many titles complementary to our own around the world, Petersen is an excellent fit."

Jim Dunning added: "I am extremely excited to play a role in EMAP where the combination of the two companies will expand opportunities for the magazines and employees and will accelerate our growth in the US."