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- Seven West Media (SWM) has agreed to delay the completion date for the $40 million sale of Pacific Magazine to Germany’s Bauer Media
- The deal is expected to be completed by May 1
- This news comes after there was speculation that Bauer wanted to drop or change the deal due to financial impacts from COVID-19
- On Tuesday, Seven West announced it was going to court to compel Bauer to move forward with the sale
- The two companies are due to appear in court in two weeks time on April 17
- Seven West is up 2.46 per cent on the market today, trading for 6.3¢ per share
Seven West Media (SWM) has agreed to delay the completion date for the $40 million sale of Pacific Magazine to Germany’s Bauer Media.
The deal is now expected to be completed by May 1. The company says, “all terms of sale are unchanged.”
Pacific Magazines is home to well-known publications such as New Idea, Marie Claire, Better Homes and Gardens, MensHealth, and many more.
The sale of Pacific Magazines was cleared by Australian Competition and Consumer Commission two weeks ago, but the financial impacts from COVID-19 created speculation that Bauer’s Australian business was trying to withdraw from the deal or change terms.
On Tuesday, Seven West Media announced it was going to court with Bauer to force the sale of Pacific Magazines.
The two companies are due to appear in court on April 17.
Seven West is up 2.46 per cent on the market today, trading for 6.3¢ per share at 3:32 pm AEST.
