ACP Magazines has taken a 50% stake in the Australia and New Zealand edition of OK! magazine from the UK publisher Northern & Shell.
Andrew Cowell, the current CEO and publisher of OK! magazine will report to the new board which will include Martin Ellice, Robert Sanderson and Paul Ashford of Northern & Shell; and Ian Law, Scott Lorson and another PBL Media representative.
Martin Ellice, group managing director of Northern & Shell, London, said: “We are very optimistic about the prospects for growth and we are confident that OK! will continue to develop.”
OK! magazine was launched in Australia in August 2004 as a monthly publication and in October 2006 moved to weekly frequency. In the latest audited circulation report the magazine posted paid sales of 134,024 copies per week in Australia – an increase of 5.5% on the previous period. It also sells 15,000 copies per week in New Zealand.
OK! is published in 16 countries around the world.
The news comes as ACP is set to acquire the licence for weekly fashion magazine Grazia from Mondadori, as revealed by B&T.
