Guardian Media Group and private equity firm Apax Partners are exploring the possibility of launching a joint £2-billion bid for Emap, reports the UK''s Daily Telegraph.

Emap has undertaken a strategic review to look at the possible sale of its consumer operation, the radio division, and its B2B publishing and exhibitions wing.

However, the talks between GMG-Apax are at an exploratory stage and no formal deal has been formalised on joint bid although a takeover of Emap would provide synergies to both companies'' operations.

Apax is said to be interested in merging Emap''s B2B arm with its portfolio company Incisive Media, a trade magazine publisher, which it acquired last year, while GMG is reported to be interested in Emap''s radio assets, which include the Kiss and Magic networks, and some of its B2B titles that include Accountancy Age, Broadcast and Screen International.

Carolyn McCall, chief executive, GMG, had indicated earlier this month that GMG would not rule out looking at parts of Emap.

Late last month Apax made a £1.3-billion offer for Emap''s B2B operations, which led to a strategic review of its operations.

The two companies already have close working ties after the private equity firm acquired a 49-per cent stake in GMG''s subsidiary Trader Media Group for £650 million. Trader Media''s publishing assets include the classified advertising magazine Autotrader.

If a GMG-Apax takeover of Emap went ahead, a potential list of suitors for the consumer publishing operation, which includes Heat, Grazia and FHM, would be drawn up, the Daily Telegraph reported.