Bauer Media has announced it has now completed the sale of its Australian Publishing business to Mercury Capital. The divestment, which was previously announced in June, has received the approval of the relevant regulatory authorities. The sale price has never been formally revealed, but it is thought to be less than $50m.
All of Bauer Media Australia’s employees, the ownership of its print and digital assets, including those brands recently acquired by Bauer from Pacific Magazines, and Bauer’s New Zealand mastheads have now transferred to Mercury Capital.
Bauer Media previously announced it had agreed to sell its Australian publishing business to Mercury Capital.
Mercury Capital has aquired all of Bauer Media Australia’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 and Bauer’s New Zealand mastheads. Mercury Capital is expected to resurrect some of the key New Zealand titles including Listener, North & South and Metro. Mercury is led by Kiwi-born Clark Perkins and features prominent NZ business figures on its board.
Veit Dengler, Bauer Media COO said: “Bauer Media remains committed to magazine publishing. This decision supports our strategy to invest in our market leading brands where we believe we are best placed to do so.
“We have been proud to be the custodian of these iconic brands in Australia. I would like to thank our talented teams for their commitment and the contribution they have made to Bauer Media. I wish them well for the future.”