Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Germany’s Bauer paid $7M for APN’s magazines

Germany’s Bauer paid $7M for APN’s magazines

By Pam Graham

July 7 (BusinessDesk) – APN News & Media sold the New Zealand Woman’s Weekly, The Listener, Simply You, Simply You Living and Crème to Germany’s Bauer Media Group for $7 million.

The November deal got the thumbs-up from the Commerce Commission in January even though Hamburg-based Bauer already published 20 magazines in New Zealand but the price was not disclosed at the time. It has now turned up in a note to the accounts of APN News & Media’s New Zealand subsidiary Wilson & Horton Ltd filed to the Companies Office.

“Under the agreement, all the group’s wholly owned magazine brands being the New Zealand Woman’s Weekly, The Listener, Simply You, Simply You Living and Crème pass to Bauer for consideration of $7 million,” the note says.

The magazines were valued at $788,000 in the Wilson & Horton accounts, with liabilities $3.1 million in payables.

The Commerce Commission was satisfied the deal didn’t substantially lessen competition in the supply of current affairs, weekly women’s and women’s interest magazines, nor magazine advertising. It took the view that Bauer would continue to face competition from the suppliers of other magazine titles and alternative platforms, such as television, newspapers and the internet.

New Zealand’s magazine advertising turnover rose 9.7 percent to $210 million in 2012, accounting for almost a tenth of total advertising turnover, according to Advertising Standards Authority figures.

Bauer also publishes Woman's Day, The Australian Woman's Weekly, Next, Taste, Metro and North & South. It earlier acquired the Australasian assets of magazine publisher ACP Media.

When seeking permission to buy APN’s magazines Bauer argued there were 3,000 magazine titles for sale in New Zealand, about 300 of which were published locally. It said magazines inserted in newspapers had changed the print media landscape in New Zealand, with seven of the 20 most read magazines being inserts.

Bauer was expected to be able to achieve economies of scale in the production of magazines because of this deal.

APN still has New Idea, That’s Life and Girlfriend under licence from Pacific Magazines Group Australia.

APN’s dual-listed shares last traded at 87 cents on the NZX and 77 Australian cents on the ASX.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news