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Christmas is traditionally a time for giving, but in the case of Emap, it seems it is the readers of its children's football magazine Match who will be doing the shelling out.
At its height Heat is estimated to have made profits of around £9m a year (launched by Emap, it is now part of privately-owned German media company, Bauer).
Back then EMAP (it was founded in 1887 and in the 1940s was named East Midland Allied Press EMAPP came in 1985) was a sleepy publisher of regional newspapers, with a few odd magazines on the side.
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Emap said it would also "call on its portfolio of experts from the entertainment world with regular updates from journalists from the likes of Heat, Empire and Grazia".
The international media group Emap said it had agreed to sell its struggling French consumer magazine division to Arnoldo Mondadori Editori in a cash deal worth £550 million ($1 billion).
The offer, which is thought to be at a very early stage, is understood to have been partly responsible for Friday's announcement by Emap that it was undertaking a review of its business.
GMG's portfolio today largely consists of its share of Trader Media Group (TMG) and Emap, which it purchased with the cash realised from the sale of 50% of TMG.
Though the sum paid for CAP was not disclosed, it is understood to be worth between £150m and £200m (Emap acquired it in 1994 for £20m).
Emap said it would return £285 million to shareholders after the sale, which it expected to be completed in the first half of fiscal 2007.
Speculation turned to fact today when Emap confirmed it had received approaches and was now reviewing its operations.
Emap bought it in 1992 and Keenan was on his way.
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CEO of Professional Science Editing for Scientists @ prosciediting.com