Phil Riley, former chief executive of Chrysalis Radio, is working with a private equity firm to front a Gbp400m (US$816m) bid for Emap's radio stations.
According to UK daily The Telegraph, Riley is working with Vitruvian Partners, a UK mid-market private equity firm launched last October by senior Apax Partners executives Toby Wyles and Michael Risman and former BC Partners senior partner Ian Riley. Vitruvian raised more than EUR 400m of its EUR 900m target for its debut fund in April of this year.
Emap has hired Citigroup and Lazard to advise on separate sales of its radio, consumer and business magazines divisions, which could fetch up to Gbp2.5bn in total. First round bids are due today.
The radio division incudes London stations Heart, Magic, Key 103 in Manchester and Forth and Clyde in Scotland. Emap may also consider selling its pension fund to a third party such as Edmund Truell's The Pension Corporation.