Nine Entertainment Co has reportedly sold ACP Magazines to German publisher Bauer for $500 million, following mounting industry speculation over the last month.
Rumours about the potential $600 million sale came to a head just yesterday, with reports of the $500 million sale being released this afternoon.
ACP has reportedly sold to Bauer for $500 million, $100 million less than the anticipated price. Official confirmation of the sale is expected to be released this evening.
Earlier this week, The Australian suggested talks about the sale were at an "advanced stage", and that Nine would use the money to pay down some of its $2.7 billion of senior debt.
ACP titles include Harper's Bazaar, Cleo, Cosmpolitan, Woman's Day and Women's Weekly.
Bauer, based in Hamburg, Germany, publishes titles including Grazia, Closer and FHM. Additionally, it publishes Zoo magazine in Britain, and a host of women's magazines in the US.
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