Bauer Media has confirmed reports its Australian and New Zealand business has been bought by Australian investment company Mercury Capital.
Bauer Media Photo: RNZ/Dan Cook
The Australian Financial Review reported this morning that Sydney-based Mercury Capital now owns titles including the New Zealand Women's Weekly, Women's Day, The Listener, and North and South.
The German-based Bauer magazine publisher, which shut its New Zealand operations in April with the loss of 237 jobs, confirmed the news in a statement.
"Mercury Capital will acquire all of Bauer Media Australia's print and digital assets which cover Women's Entertainment & Lifestyle; Fashion, Beauty & Health; Homes; Food; Motoring & Trader lifestyle categories," it said.
"The agreement also includes those brands recently acquired by Bauer from Pacific Magazines and Bauer's New Zealand mastheads."
Bauer's chief operating officer Veit Dengler said the decision supported the company's strategy to invest in their "market leading brands".
"We have been proud to be the custodian of these iconic brands in Australia. I would like to thank our talented teams for their commitment and the contribution they have made to Bauer Media. I wish them well for the future."
The sale is subject to regulatory approvals, with completion expected by the end of July.
AFR reported the Covid-19 lockdown had compounded problems of falling advertising revenue and made the business unviable.
Mercury Capital is run by an ex-pat New Zealander, Clark Perkins, and owns the Blue Star printing company in this country.
There was no detail on which titles may be restarted.