Tuesday, 4. September 2012
NINE ENTERTAINMENT TO SELL ACP MAGAZINES TO BAUER MEDIA GROUP
Nine Entertainment Co. (NEC) and Bauer Media Group (Bauer) today announced that they have reached agreement to sell 100% of ACP Magazines Ltd (ACP) to Bauer. The sale is expected to close in the next four to eight weeks. Both parties have agreed to keep the purchase price confidential.
ACP, which was established in 1933, is Australia and New Zealand’s largest magazine publisher, reaching over 15 million Australians each year. With leading magazine titles in almost every category, ACP’s major brands include The Australian Women’s Weekly, Woman’s Day, Cleo, Take 5, TV Week, Australian House & Garden, Gourmet Traveller and Zoo. ACP also operates a highly successful Trader and Custom business.
“The decision to sell the magazine business is not one we have made lightly. On balance however, the sale provides NEC with an attractive all cash valuation and ACP with the benefits of being part of a global publisher organisation. This sale will also allow us to focus on our core television and growing digital and events businesses.” said David Gyngell, Chief Executive Officer of NEC.
“We are delighted to welcome ACP as a member of the Bauer Media Group”, said publisher and owner Yvonne Bauer, “ACP fits our strategy of developing the Bauer Media Group globally, we believe in print, and ACP´s strong brands in Australia and New Zealand are perfect platforms to expand into digital areas.”
The impact of the sale on the operations of both NEC and ACP is expected to be minimal. Post completion, NEC and ACP will continue to work closely together in a number of areas including go to market strategies under the NEC operated “Powered” cross platform unit. Powered will continue to deliver ideas and insights utilising the breadth of media that the combined strength of NEC and ACP bring.
Matthew Stanton, CEO of ACP commented "Being part of the Bauer Media Group provides ACP with a positive and clear future, under an owner who is focussed on magazines and who will support investment and growth in our business. This outcome provides a commitment for the long term for both our brands and our people."
About Nine Entertainment Co.Nine Entertainment Co. (NEC) is Australia’s most diversified media and entertainment group, a communication powerhouse delivering a world of media information and entertainment to millions of Australians. It’s assets include the Nine Network Australia, NBN Television, Australian News Channel, ACP Magazines, a 50% interest in Mi9, and entertainment entities, Ticketek and the Allphones Arena. Nine Entertainment Co. is owned by CVC Asia Pacific Limited.