The publisher that makes iconic Australian magazines like The Australian Women's Weekly, Woman's Day, and Cleo is set to be sold to a German company.
Nine Entertainment, which partly owns ninemsn, has announced plans to sell ACP Magazines to Bauer, a German publisher.
Among the 110 titles published by ACP are Rolling Stone, Zoo Weekly, People, Dolly, Grazia, TV Week and Australian Geographic.
Hamburg-based Bauer currently publishes UK titles Heat, FHM, Zoo and Grazia as well as many others worldwide.
The sale is expected to bring about $500 million to Nine Entertainment's owner CVC Asia Pacific, allowing the company to pay down much of its debt.
ninemsn is a joint venture between Nine Entertainment and Microsoft.
Source: Nine News
Author: Nick Pearson