Emap, the UK media group, has drawn a line under its disastrous foray into the United States with the sale of its magazines business for $515m (�365m).

The portfolio of magazines, which includes "Hot Rod" and "Guns & Ammo", was sold to Primedia for less than half its 1999 purchase price.

The US failure had earlier claimed the scalp of chief executive Kevin Hand, who resigned in May with immediate effect.

"The impending sale of what was the old Petersen business closes a difficult and unhappy chapter in Emap's history," said Robin Miller, recently reinstated as chief executive.

"In the context of a difficult US market we regard the sale as a reasonable result."

'That big a deal'

At the time of the $1.2bn purchase, Emap had rejected criticism that it had overpaid.

Mr Hand had said the US business could contribute more than 50% of Emap's total profits within three years. "It's that big a deal," he had said.

The deal was funded by a rights issue under which institutions and thousands of small shareholders stumped up the cash to buy new Emap shares at 875 pence - a modest discount to the then market price.

Those that took up the rights offer, and still hold the shares, are now sitting on substantial paper losses.

FHM excluded

On Monday, Mr Miller said Emap had received three serious bids for its US business but declined to name unsuccessful bidders.

The sale of Emap USA excluded the US edition of men's magazine FHM - the top brand in Emap's portfolio worldwide.

In the year ended March, Emap USA reported an operating profit of $54m on sales of $362m.

Emap had said underlying profit at the unit was 25% below expectations.

UK and France focus

Mr Miller said Emap would now focus on markets where it was strongest - "in the UK and France, where we can advance much more strongly".

David Baldry, media analyst at stockbroker Gerrard, said: "Hopefully going forward they can start to build things up gradually again."

Emap shares were unchanged at 700p in early trading.

This compared with a peak of 1,773p touched in January last year.

Emap has said it has started its new business year "reasonably well", but has warned that the outlook for advertising revenue remains uncertain.