Nine Entertainment Corporation (NEC) has sold its ACP Asia magazine
assets to Singapore Press Holdings Limited (SPH) for $45 million.
SPH has purchased the ACP magazine businesses in Singapore, Malaysia and Indonesia including the assignment of relevant trademarks and ACP's share in the joint venture Hearst, which publishes Cosmopolitan and Harper's Bazaar in Singapore and Malaysia.
NEC chief executive David Gyngell said: “The decision to sell the magazine business in Asia is not one we made lightly but on balance the consideration represented good value for the assets.”
The sale excludes ACP Asia's investment in Thailand and the ACP Asia custom publishing business.
NEC chief financial officer Pat O'Sullivan said: “Thailand doesn't fit strategically for SPH and ACP is continuing to grow its custom business in Australia and Asia.”
ACP Asia CEO Julie Sherborn will continue to manage the two investments excluded from the sale and will work towards driving new opportunities in the region. ACP plans to grow its business in Asia, including working with SPH on opportunities consistent with its strategy in Australia and New Zealand.
Gyngell said: “The ACP Asia team will become employees of SPH and we wish them well. Julie Sherborn will help consult for SPH through the transition process whilst continuing as CEO for ACP in Asia.”
O'Sullivan denied the sale was a response to declining advertising revenues or the tough economic climate.
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