Morrison Media company director, Peter Morrison has no plans to continue in his role after the company was acquired by Pacific Star Network Limited (PNW).
Morrison told AdNews that the deal won't have any negative impact on staff, “one of the most important parts of PNW’s offer is that all staff will be retained and they will continue to operate as an independent branch of their business,” Morrison said.
Morrison Media and the intellectual property rights to award winning fashion, craft, art and food magazine Frankie – as well as the Smith Journal, Surfing Life, Slow Living and White Horses publications was acquired by PNW yesterday for $10.8 million dollars.
When asked by AdNews why now was the right time for Morrison to sell, he said, “It’s the right time for me and the business and also the right time for PNW to take it to the next level.”
Frankie, which is a bi-monthly women's magazine, has scooped winner of the Australian Magazine Awards two years running, in 2012 and 2013. The magazine, which is available in the UK via limited outlets and is in the midst of an international expansion push, has nearly 300,00 Facebook likes and more than 73,000 Twitter followers. It also launched an app for the magazine in 2013.
Morrinson said that as for the future of all of the titles it's business and usual.
About the acquisition PNW said in an announcement to the ASX yesterday that that the sale would broaden its portfolio beyond sports and broadcasting.
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