Seven West Media will get $40 million to help ease its debt burden after completing the sale of Pacific Magazines to German-owned Bauer Media.
The deal, which was delayed earlier in April, was finalised on Friday after initially being announced in October 2019. There had been speculation Bauer was trying to reduce the price or exit Australia altogether without going through with the transaction due to the sharp decline in advertising amid the COVID-19 crisis.
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Max Mason covers insolvency, courts, financial crime, cybercrime and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
