The internet and rival publishers hit Emap's profits

A joint venture between Guardian Media Group (GMG) and private equity firm Apax Partners will buy the businesses.

The deal comes after the FHM-to-Grazia publisher unveiled a �1.14bn deal to sell its consumer magazines and radio assets two weeks ago.

It also signals the end of the publicly listed group, which was formed in 1947 as a regional newspaper group.

Emap's executive chairman Alun Cathcart said the offer was a "compelling opportunity" for shareholders, who will receive around �2bn in total from the break-up of the business.

Trade mags

The arm being bought by GMG and Apax includes trade titles such as Construction News and Retail Week.

Emap sold its consumer magazine and radio units, including popular magazines titles such as Heat, Closer, FHM and Zoo to German publisher Bauer for �1.14bn.

In May this year, the then Emap boss Tom Moloney left the firm "by mutual agreement" after 26 years as chief executive. Chairman Alun Cathcart has been running the company since Mr Moloney's departure.

Emap effectively put itself up for sale in the summer as the board launched a review of the business and in November the firm posted a 16% fall in underlying pre-tax profits to �80m for the half-year to 30 September.