Seven West Media has offloaded its magazine arm to Australian Women’s Weekly and Woman’s Day publisher Bauer Media Australia, marking an end to a tumultuous six-month process to get the $40 million deal completed.
A statement from Seven West Media confirmed that Bauer had completed the acquisition of Pacific Magazines, owner of New Idea and WHO, a deal which will help the broadcaster reduce its $541 million debt pile.
Seven chief executive James Warburton said the completion was a “key step” in the transformation of his business.
“We welcome today’s completion of the sale of Pacific Magazines to Bauer Media,” Mr Warburton said. “I want to thank all the staff at Pacific for their passion, commitment and tireless work over the years at SWM.”