Nine Entertainment Co is reportedly in advanced talks regarding the sale of its publishing division ACP Magazines, as the media company looks to reduce its sizeable debt.
While it does not appear a deal is set in stone, a report in The Daily Telegraph has suggested the magazine group could change hands within days. The most likely buyer has been touted as German company Bauer Media Group, although it has been suggested other suitors may be involved.
The sale of ACP, publisher of titles such as Cleo, NW and Women's Weekly, has been a hot topic of industry speculation for some time.
CVC Asia Pacific, owner of Nine Entertainment Co, has been looking at ways of bringing down Nine's $2.7 billion in senior debt.
When contacted by AdNews, ACP said it had no response to the speculation.
It has been previously suggested CVC would be willing to sell the company at a massively reduced price.
An official announcement is expected shortly, according to the Telegraph.
Numerous potential buyers have previously been floated regarding the magazine business, including Telstra and Seven West Media's Pacific Magazines.
Rupert Murdoch's nephew Matt Handbury has previously expressed interest in buying the business. He has since said he could not purchase the whole company, but is willing to put resources behind it.
Follow @AdNews
on Twitter for breaking stories and campaigns throughout the
day.
Have something to say? Send us your
comments using the form below or contact the writer at davidblight@yaffa.com.au
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.