April 10, 2019 by admin
To be sold … ACP is likely to bought by Bauer Media Group.Some of Australia’s most popular magazines, including the Australian Women’s Weekly, Woman’s Day and TV Week, are set to fall into German hands with the debt-laden broadcaster, Nine Entertainment, expected to soon announce the sale of its magazine portfolio to the privately owned Bauer Media Group.
Hamburg-based Bauer, which publishes Grazia, FHM and Zoo in the UK, is expected to pay up to $600 million for Nine’s Australian Consolidated Press (ACP) and help the private equity-owned business avoid breaching its debt covenants, which would lhave left it at the mercy of its banks.
The two parties are understood to be working on the final details of an agreement, which is to be made public either later this evening or tomorrow morning.
Nine executives were not available for comment.
The magazines division featured in the popular ABC production Paper Giants, which focused on the launch of Cleo magazine by Ita Buttrose and Kerry Packer in the early 1970s.
Kerry Packer’s son, James Packer, severed the family’s long-standing links to the media assets in 2007 when he sold most of Nine and its related assets to CVC Asia Pacific. The private equity firm paid $1.46 billion cash and took on $3.6 billion worth of debt.
CVC has now lost all of the $2 billion it injected into the Nine group, which has struggled with a high debt load, bad conditions in the media industry, and Nine losing its ratings crown to Seven.
CVC must repay $2.8 billion of debt by February and a further $1 billion a year later.
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