Hotline: Guardian Media Group in talks with Apax Partners

Guardian Media Group is in talks with the private equity company Apax Partners to launch a £2 billion joint bid for Emap, according to The Daily Telegraph. Talks between the two companies are at an early stage and no formal agreement has been made. Apax is likely to want Emap's business-to-business arm, while GMG is reported to be most interested in Emap's radio assets.