Despite out-performing other women's magazines in recent years with a growing readership, indie fashion title Frankie has been sold as part of a $10.8 million acquisition of its parent company, Morrison Media.
Sports broadcaster Pacific Star Network Limited announced yesterday that it was buying the intellectual property rights to Frankie, Smith Journal, Surfing Life, Slow Living and White Horses. The sale fits in with the company’s plan to broaden its portfolio beyond sports and broadcasting.
Frankie was founded by Lara Burke and Louise Bannister in 2004 and includes a mix of vintage fashion, indie music reviews and art and craft collages. It won the Australian Magazine of the Year Award in 2012 and 2013 and has an Australian circulation of 67,782, according to ABC ANPPS January to June 2014 statistics.
"Frankie is an industry leader in its market segment in Australia and is growing internationally, due to its content which speaks to a highly-engaged audience," says Morrison Media chairman Andrew Moffatt.
Regardless of the sale, Moffatt says the publisher will continue to do business as usual, operating as a stand-alone division of the company. The deal will boost print circulation and online subscriptions, while delivering Pacific Star Network’s digital expertise to the Morrison Media team, according to a statement.
