Emap, the UK media group, will learn this week whether its auction has generated sufficient interest to proceed with the sale of its three divisions, after another bidder came forward for its radio assets this weekend. Phil Riley, former chief executive of Chrysalis Radio, is to put forward a private equity bid in time for this week’s first round deadline for offers, which are expected to value Emap’s radio stations at £400m-£450m. Mr Riley, who left Chrysalis in August after its £170m sale to the private equity-backed Global Radio, would not comment on reports that he is backed by Vitruvian Partners but confirmed financing was in place.
