In a year of big movements when it comes to print media, another major change was confirmed overnight with news Nine Entertainment Co. has sold Australian Consolidated Press magazines to a German publishing giant.
The deal that will see Bauer Media Group take over ACP magazines is set to close in four to eight weeks, with the company allegedly sold for around $500 million.
"The decision to sell the magazine business is not one we have made lightly,'' says NEC chief executive David Gyngell. "On balance, however, the sale provides NEC with an attractive all cash valuation and ACP with the benefits of being part of a global publisher organisation. This sale will also allow us to focus on our core television and growing digital and events businesses.''
Bauer Media Group is excited about adding ACP magazines to their existing portfolio of around 400 magazines and more than 100 digital products.
"ACP fits our strategy of developing the Bauer Media Group globally, we believe in print, and ACP's strong brands in Australia and New Zealand are perfect platforms to expand into digital areas,'' says Bauer owner and publisher Yvonne Bauer.
ACP CEO Matthew Stanton believes the purchase is a positive move for the company. "Being part of the Bauer Media Group provides ACP with a positive and clear future, under an owner who is focussed on magazines and who will support investment and growth in our business,'' he says.
