Media group Emap has been the subject of intense speculation of a takeover or break-up, following the departure of Chief Executive Tom Moloney.The company, assessed as ripe for takeover following a recent history of trials and tribulations, could now become more vulnerable without a secure long—term leadership.Moloney’s sudden departure is though to be linked to rumours that non- executive directors have been unhappy with the speed the company’s strategy of sourcing new revenue to offset falling advertising sales has been executed. Private Equity groups now said to be interested in the company include Apax Partners and Permira, and analysts have also recommended the likelihood of a venture capital-inspired break up. Even without a bid, it is thought that the board’s determination to speed up change may lead to a reshuffling of its portfolio.Likely targets for a sell-off include Emap’s radio station business , while its most attractive asset is though to be it’s business-to-business magazine division.