Seven West Media has completed the sale of Pacific Magazines to Bauer Media for $40 million in cash, as well as $6.6 million in advertising over three years.
The move sees magazines including Better Homes & Gardens, New Idea, Marie Claire, Who, Men’s Health, Women’s Health, InStyle, Girlfriend, That’s Life! and Family Circle all come under the same banner with Woman’s Day, Women’s Weekly, TV Week and more.
The ACCC said the transaction wasn’t likely to substantially lessen competition in a market with falling circulation and a string of hard copy magazine closures.
James Warburton, SWM Managing Director and Chief Executive Officer, said: “We welcome today’s completion of the sale of Pacific Magazines to Bauer Media. The completion of this transaction is a key step as we work to transform SWM.
“I want to thank all the staff at Pacific for their passion, commitment and tireless work over the years at SWM.”
This week Bauer Media announced 70 staff had been made redundant and several print magazines would temporarily be suspended. The TV Week Logie Awards were also cancelled for 2020. Freelance contributors are also understood to be amongst the casualties.
The sale comes as SWM looks to drive down debt and initiates pay cuts during COVID-19 impact.
In 2012 Nine sold its ACP Magazines division to Bauer Media Group for an estimated $500m – $600m.