Bauer sells two businesses for nominal amount

Bauer Consumer Media has also sold Yospace Technologies, its mobile blogging technology business.

Bauer Consumer Media, said that it had sold its 40 per cent stake in NextGen Publishing last year for INR40 (50p).

NextGen launched FHM magazine in India. It had sold a 40 per cent stake to Bauer for ₤4m in 2008.

Bauer Consumer Media also said it sold Yospace Technologies, its mobile blogging technology business, for ₤1 in April 2009. Emap - as the company was known before acquisition by Germany's H Bauer - had bought the business for ₤8.9m.

Effectively, Bauer has sold two units bought for ₤13m for just ₤1.50.

The details were produced in the group's 2009 accounts. Bauer's accounts took a ₤4m write-down on its stake in NextGen in 2008.

Bauer said that the decisions to hive off the two businesses were thoroughly reviewed, but gave no specific reasons why the company came to the decisions.

The Telegraph reported Bauer as saying that the Yospace sell-off would have "no material impact on the company."