Seven West Media in talks with Bauer to sell or merge Pacific Magazines

Seven West Media confirms talks with Bauer Media to sell or merge its Pacific Magazine titles.

Seven West Media’s CEO James Warburton is looking to cut costs from the debt burdened business. Picture: Nikki Short.

Seven West Media has confirmed it is in talks with Bauer Media to sell or merge its Pacific Magazine titles in a deal that could see titles including New Idea, Who and Better Homes and Gardens under the same roof as Woman’s Day, Australian Women’s Weekly, NW and TV Week.

Following reports in The Australian today and last week that Bauer was looking to buy Pacific Magazine titles, Seven West Media released a statement to the market this morning confirming talks were underway between the two groups, but were yet to reach a binding agreement.

“Seven West Media responds to an ASX query arising out of media speculation this morning that it is in talks regarding its magazine interests.

“No binding agreement has been concluded and any agreement, were it to be concluded, would be subject to regulatory approval and obtaining other consents,” Seven West Media said in a statement to the ASX.

Bauer Media Australia chief executive Brendon Hill told The Australian today that he could not comment on takeover or merger talks between the groups.

Asked whether the two publishers were in talks, Mr Hill joked that “there’s been talks for 10 years”, referencing past attempts to see the two groups join forces.

Any merger or takeover between the pair would need the approval of the Australian Competition and Consumer Commission (ACCC).

Seven West Media’s new CEO James Warburton is looking to cut costs from the debt burdened business, and a deal to offload the magazine division would be the second major move since announcing the end of the Seven Network’s Sunday Night program two weeks ago and about 180 expected staff redundancies.