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.
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.
It’s believed Mercury paid less than $50M for all of Bauer’s titles, which now also include Pacific Magazine titles, too. Other sources close to the deal have suggested Mercury paid just over $40M.
The buying price is significantly lower than the $525 million global chief executive Yvonne Bauer bought the business for in 2012.
Bauer Media announced one month ago it has agreed to sell its Australian publishing business to Mercury Capital, subject to regulatory approval.
Veit Dengler, Bauer Media COO said at the time: “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.”
Brendon Hill, Bauer Media ANZ CEO, said at the time: “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.
“We have increased flexibility to diversify revenue streams and grow and innovate across our multi-platform offerings. Additionally, we are well placed to invest in the key drivers of future success – high-quality content and digital development which is good for us, our audiences, clients and the Australian industry as a whole.”
