Bauer Media's local business is formed by what was once ACP Magazines, which it bought from Nine Entertainment for $525 million in 2012. Nine is the owner of this masthead.
The ACCC's decision is important to Seven West Media, which is under significant financial pressure as it tries to reduce a $541 million debt pile. The sale of Pacific Magazines was the first major move made under Seven's new chief executive James Warburton. Mr Warburton later revealed plans to acquire Prime Media Group, however that deal was rejected by shareholders including Antony Catalano and Bruce Gordon.
Seven chief executive James Warburton said the company will receive $6.6 million worth of advertising from Bauer over the next three years as part of the sale. "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," Mr Warburton said.
"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 showBauer Media and Pacific Magazines have already pushed on with post-merger plans, which were in place to proceed following the ACCC's initial decision date on December 19. The deal was delayed after the ACCC raised a statement of issues about the tie-up of direct rivals.
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