Australia’s Seven West Media has announced it has signed an agreement to sell Pacific Magazines to Bauer Media for $40 million ($27.4 million U.S.)
Titles include Marie Claire, Men's Health (Australian editions) and New Idea.
The sale is expected to complete by the end of the calendar year, subject to regulatory approval.
The proceeds of the sale will be used to pay down debt, improving SWM’s balance sheet flexibility and simplifying the organization to focus on its content-led growth strategy, according to Seven West.
SWM and Bauer Media have also entered into commercial arrangements to mutually benefit both parties, including advertising spending commitments, the ongoing production of a Better Homes and Gardens television program, and sharing lifestyle content under a long-term agreement. In addition, SWM will receive $6.6 million ($4.5 million U.S.) of advertising on Bauer Media assets over three years.