Seven West Media announced the completion of the $40 million sale of Pacific Magazines to Bauer Media.
The deal also includes $6.6 million in advertising over three years in Bauer publications.
Seven West CEO James Warburton says the completion of the transaction is a key step to transform the company.
“I want to thank all the staff at Pacific for their passion, commitment and tireless work over the years at SWM," he says.
The purchase was approved by the competition watchdog, the Australian Competition and Consumer Commission (ACCC)
The deal creates a multi-platform publishing portfolio of 50 plus iconic Australian magazine brands including The Australian Women’s Weekly, New Idea, Better Homes & Gardens and Woman’s Day.
Bauer CEO Brendon Hill sats the purchase of Pacific Magazines will drive the consolidation publishing needs right to be competitive in a challenging time for theindustry.
"The economic impact of COVID-19 is affecting the entire media industry but by combining Pacific Magazines with Bauer Media Australia, it will create a stronger business with the capabilities to better compete in a digital world," he says.
"The Pacific brands have unique audiences and our combined digital reach will be compelling. We look forward to emerging from the other side of COVID-19 to drive innovation and maximise reach and engagement with our audiences."
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