Emap publisher quits

Emap, the publishing company responsible for fashion magazines such as Pop and Grazia, announced its chief executive Tom Moloney has quit the company with immediate effect. Analysts of the struggling media group took the change in good stride. Simon Wallis at Collins Stewart said that while a chief executive stepping down is not always a good sign, in this case it was positive news. "We have consistently been critical of Emap management who have lurched from one expensive foray to another in search of growth," reported the Guardian.

"We suspect that private equity companies will be paying the situation at Emap close attention if they haven't already." Mr Moloney joined Emap in 1981 and became chief executive in January 2003. Emap warned in March that magazine and radio markets would remain tough in the year ahead. Today the group reassured the City that its 2007 results, due to be announced on May 22, would be in line with expectations.