Separate votes were held on the consumer magazine and radio deals at the general meeting this week, which gave the green light to the sale of all its consumer magazines as well as radio networks Kiss and Magic to German media owner Bauer.

However, the sale of Emap's 40.1 per cent stake in NextGen to Bauer for an additional £3.7 million has not yet completed.

The magazine publisher and radio owner announced a strategic review of the business early last year following a string of profit warnings. The break-up of the group hopes to raise £2.5 billion.

Emap shareholders have yet to vote on the sale of its other remaining media asset, its business-to-business magazine and events operation, to Guardian Media Group and private equity group Apax for an estimated £1.2 billion.

Emap said once the deal is completed it will return around £1 billion to shareholders.

Bauer, the publisher of Take A Break and TV Choice in the UK, emerged as the shock the preferred bidder in December, as exclusively revealed by mad.co.uk. Other bidders for the Emap business included National Magazines Company, private equity firm Texas Pacific Group, and investors Apollo, DLJ Merchant banking and US group Quadrangle.