There is uncertainty over whether the Bauer and Pacific Magazines deal will go ahead, despite getting approval for the $40m sale from the ACCC on Thursday.
The Australian is reporting Bauer is refusing to confirm if the deal will proceed, with CEO Brendon Hill failing to return calls and cancelling scheduled media interviews.
However, in an email to B&T on Wednesday, the day before the ACCC handed down its decision, Hill said: “We are still 100 per cent committed to the deal. A larger company, with increased scale and reach, is even more imperative in these troubled times.”
On Friday B&T attempted to get in touch with Hill for additional confirmation but did not receive a response.
It is likely the impacts and economic slump caused by the COVID-19 pandemic is behind the uncertainty.
Seven sent out a press release yesterday following the ACCC’s decision welcoming the sale.
Seven CEO James Warburton commented: “We welcome today’s regulatory approval of the sale of Pacific Magazines to Bauer Media.
“This transaction provides $40 million in cash consideration (pre-adjustments and leave provisions). Additionally, the $6.6 million of advertising we are receiving from Bauer over three years further enhances the value of the sale, allowing the titles to continue to reach the valuable audiences SWM commands.
“Pacific Magazines has always been an important part of Seven West Media and will leave a lasting legacy, and I want to personally thank the hard working and dedicated team who have worked tirelessly to transform the business in response to changing market conditions.
“These efforts mean that Pacific’s assets will have a bright future as part of a larger group with Bauer, and SWM will maintain a relationship through the successful television show Better Homes and Gardens,” Warburton said.
However, there was no additional word from Bauer Media.
The ACCC has spent months reviewing the potential sale, confirming yesterday that ” the proposed acquisition is unlikely to substantially lessen competition in any market.”
It added: “Magazine publishers have suffered significant and progressive circulation and revenue declines in the last ten years, which has resulted in less investment in content and fewer retail promotions. In particular, the ACCC noted that significant circulation and revenue declines in the last few years has resulted in the closure of magazine titles, with further magazine title closures in the future regardless of the proposed acquisition,” the statement read.
Today, Integral Ad Science (IAS), a global leader in digital ad verification, released its Media Quality Report (MQR) for H2 2020, providing transparency into the performance and quality of Australian digital media, alongside global comparisons. Integral Ad Science’s H2 2020 MQR highlights brand safety, ad fraud, and viewability trends across display, video, mobile web, and […]
Quintis Sandalwood has appointed Illuminate as its global PR partner following a competitive pitch process. Proudly Australian, Quintis produces and markets Indian Sandalwood oil, logs, chips and powder products across the world to major companies in industries such as fragrance, aromatherapy, cosmetics, handicrafts and Traditional Chinese Medicine industries. Illuminate will be responsible for a global communications […]
Hopefully the weekend has given everyone enough time to recover from B&T’s 30 Under 30 awards and prepare themselves for our official photo dump! We shared some of the highlights last week, and now you can peruse all of the pictures taken on the night. Thank you to everyone for attending this year’s awards, and […]
Kinderling Kids Radio (Kinderling) has announced the completion of its move from DAB+, where it launched six years ago, to a direct-to-consumer streaming model, accessible online or through the Kinderling Kids iOS and Android app. The Parent Brand, the parent company of Kinderling Kids and Babyology, made the decision to shift as streaming and on-demand […]
Most people over 60 stay on top of their health with regular check-ups. Whether it’s eyes, prostate or breasts, they realise at their age it’s important. But one that gets ignored is hearing. They’d rather live with gradual hearing loss, and continually ask what, huh, pardon or sorry until it seriously impacts their life and […]
Creative communications agency Connecting Plots has been appointed by Casella Family Brands to handle the social media accounts for [yellow tail] wine in Australia. The win follows an audit of the Casella Family Brands social activities, which led to [yellow tail] rethinking its approach to social media and how it aligns with its overall marketing […]
v2food, has appointed HERO’s B.B.E as the lead strategic and creative agency for the brand following a competitive pitch process. v2food is an Australian pioneering food technology business with a global vision to feed the planet sustainably. After launching nationally in 2019, v2food has been on a mission to offer Australians an easy alternative to meat […]
Magnite (Nasdaq: MGNI), the largest independent sell-side advertising platform, today announced it has been working with Adform, the only independent global ad management platform covering all aspects of the digital campaign lifecycle, to scale first party identifiers in privacy-safe ways. With the pending elimination of third-party cookies, the industry must establish future-proof identity solutions for publishers and buyers.
The Commercial Producers Council is delighted to announce the appointment of Martin Box (pictured) as its new Co-Chair, effective immediately. Box, Head of Production at Airbag, joins Co-Chair Pip Smart, and fills the vacancy left by Lucas Jenner who steps aside from the Co-Chair role after four years of service, in accordance with the CPC’s […]