Bauer Media sells Money magazine to Rainmaker Group

Despite boasting of its improved readership, Bauer has sold its personal finance Money magazine to Rainmaker Group.

Money’s editor Effie Zahos will stay at Bauer in a new finance role. Pic: John Appleyard

Bauer Media has sold its Money magazine to Rainmaker Group for an undisclosed sum after publishing the personal finance masthead for 20 years.

The sale, first reported by The Australian yesterday, comes four months after family-owned Bauer axed its under performing women’s magazine Cosmopolitan.

Bauer’s local boss Paul Dykzeul said under the leadership of editor Effie Zahos the magazine is “one of the most respected finance magazines in Australia with readership figures up 15 per cent year on year.”

Money’s monthly readership is 153,000, according to a Bauer spokeswoman, citing the latest December Roy Morgan readership figures.

Mr Dykzeul said the group remains “focused on deepening our category specialisation and focusing on our core consumer brands, and as a result, the decision has been made to look for a new home for the magazine, with that being Rainmaker”.

Chris Page, managing director of financial services information company Rainmaker, said the acquisition is a “milestone moment for our business and we look forward to building on the magazine’s reputation as the most-read personal finance title in Australia.”

Zahos will stay at Bauer under a new role of finance editor, commentator and financial literacy campaigner.

Money’s April issue will be the last produced by Bauer.