Updated: ACP Magazines to be sold to Bauer
The most Australian of media companies will soon be in German ownership.
ACP Magazines is to be sold to European publisher Bauer to reduce the debts of parent company Nine Entertainment Co.
Although there was no announcement on price, the figure has been reported to be around $500m.
Nine Entertainment Co’s cross platform operation Powered By Nine will continue to sell advertising on ACP titles, the company said.
good work.
There you go doubters – people DO still buy magazines!
Mags and newspapers are still dying….just in print format. Hopefully the Germans can whip those lazy pretend journalists into shape and start producing magazines we want to read, then sell them online in a format we will read.
Or to put it into perspective…..
$500m is only a tad more than the interest bill this year on the outstanding Nine Entertainment Corp debt.
If a key asset sale does very little to reduce debt in a meaningful way, what does that say about the rest of the business?
Bauer and online – look at their UK titles offerings and scratch your head – try Mojo magazine for starters.
What’s left to sell … just Ellerston.
I’m curious about the need to point out that the “most Australian” media company will soon be in German ownership.
Since Nine Entertainment Co is majority owned by CVC Capital Patners an offshore equity firm, hasn’t this “most Australian” company been a foreign business for many years?