Mercury looks to rebuild NZ magazines after 'bargain' buy

Jul 19, 2020 at 08:24 pm by Staff


If reports are correct, Kerry Stokes' Seven West Media did well selling Pacific Magazines for more than 80 per cent of what the whole Bauer Media ANZ business has changed hands for.

The sale of Bauer to Mercury Capital has now been completed following regulatory approvals on the deal, which trade publication Mumbrella says was rumoured to have been worth less than $50 million.

Bauer Media paid $525 million for the magazine assets of the former Packer-owned Australian Consolidated Press in 2012.

Since the transfer, Bauer's new owners have announced the closure of Harper's Bazaar Australia, Elle Australia, InStyle, Men's Health Australia, Women's Health Australia, Good Health, NW and OK!, all of which were temporarily suspended in May.

It is understood Mercury - led by Kiwi Clark Perkins - will resurrect some of the New Zealand titles which Bauer closed after being forced to suspend publication during the COVID-19 lockdown. Mercury is also a major shareholder in printer Webstar NZ

Sections: Newsmedia industry

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