APN News & Media has continued its move away from print with a deal to sell its New Zealand magazines business to Bauer Media.
The trans-Tasman publisher said the sale of five magazines “reflects APN’s strategy of an emphasis on growth assets, particularly digital”.
“If successful, all APN wholly-owned magazine brands, including the New Zealand Woman’s Weekly, The Listener, Simply You, Simply You Living and Crème will pass to Bauer,” according to APN.
“APN will continue to publish New Idea, That’s Life and Girlfriend magazines under licence from the Pacific Magazines Group Australia, as these titles are not included as part of the sale.”
[Related: APN sells outdoor business]
Bauer is no stranger to buying Australasian publishing assets; the German giant added about 80 titles across Australia and New Zealand when it acquired ACP Magazines in 2012.
The deal still requires regulatory approval from the New Zealand Commerce Commission.
APN returned to profit and cut its debt in 2012-13, although that was mainly due to the performance of its non-print assets. Turnover for the Australian Regional Media division fell 13.9% and New Zealand Media fell 3.1%.
Meanwhile, APN has announced the appointment of Peter Cullinane as a non-executive director, effective immediately. He has previously served as chairman of Saatchi & Saatchi Australasia.
APN chairman Peter Cosgrove said: “Peter is a respected force in global advertising and marketing and brings extensive industry knowledge and strategic vision to APN. His expertise in Australasian and global markets will be invaluable to the board.”
[LinkedIn: Was Murdoch right to say newspapers are dying?]
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