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

 

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

OECD And Zero Carbon Reports: Environmental Pressures Rising In New Zealand

New Zealanders enjoy a high environmental quality of life and access to pristine wilderness. However, New Zealand’s growth model, based largely on exploiting natural resources, is starting to show its environmental limits with increasing greenhouse gas emissions and water pollution ... More>>

ALSO:

Statistics: Record Net Annual Migration Levels Continue

In the February 2017 year, 71,300 more migrants arrived in New Zealand than left, Stats NZ said today. This equalled the previous annual record set in January 2017. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news