SYDNEY, Wednesday: Bauer Media has agreed to sell its Australian publishing business – and the remains of its NZ business – to Australian private equity firm Mercury Capital.
Mercury will acquire all of Bauer Media Australia and NZ’s print and digital assets which cover women’s entertainment & lifestyle; fashion, beauty & health; homes; food; motoring & trader lifestyle categories.
The agreement also includes those brands recently acquired by Bauer from Pacific Magazines for A$40 million, and Bauer’s New Zealand mastheads.
The sale is subject to relevant regulatory approvals, with completion expected by the end of July.
The agreement also includes those brands recently acquired by Bauer from Pacific Magazines and Bauer’s New Zealand mastheads.
Just what the future holds for those NZ titles remains to be seen.
“Just what the future holds for the NZ titles remains to be seen.”
Bauer AUNZ ceo Brendon Hill said: “This signals an exciting new chapter for the business. With new ownership and our bolstered portfolio, we have unparalleled opportunities to connect with more Australians than ever before and continue our strategy of digital growth and innovation.”
Hill did not specifically mention the NZ titles.
The sale is subject to regulatory approval with the transaction expected to be complete in mid-July and the new brand to be announced in the coming months.
The Australian Financial Review reports a deal was signed by Mercury Capital on Tuesday night and the private equity firm was attracted by Bauer’s digital potential and its key titles.
New Zealand’s Bauer Media, which employed about 237 full-time Kiwi staff, closed here in April amid the Covid-19 pandemic lockdown. It published NZ Listener, Woman’s Day, Metro, NZ Woman’s Weekly, North & South, and Next.
Share this Post
