By 3 News online staff
Nine Entertainment Co (NEC) has announced it will be selling magazine publisher ACP to the Bauer Media Group.
The sale is expected to close in the next month or two.
"The decision to sell the magazine business is not one we have made lightly," says NEC chief executive David Gyngell.
"On balance however, the sale provides NEC with an attractive all-cash valuation and ACP with the benefits of being part of a global publisher organisation."
ACP is the largest magazine publisher in Australia and New Zealand. Its titles include The Australian Women’s Weekly, Woman’s Day, Cleo, Next, Taste, Metro and North & South.
"Being part of the Bauer Media Group provides ACP with a positive and clear future, under an owner who is focussed on magazines and who will support investment and growth in our business," says ACP CEO Matthew Stanton.
"This outcome provides a commitment for the long term for both our brands and our people."
It's estimated the sale price was around AU$500 million, but the exact figure is being kept confidential.
Hamburg-based Bauer publishes about 400 magazines in 15 countries, and employs around 8700 people.
3 News