Magazine publisher Bauer Media is reportedly being sold to private equity.
An announcement is expected later today.
The Australian Financial Review says Mercury Capital has agreed a deal to buy Bauer's Australian and New Zealand business.
The deal includes Pacific Magazines, sold to Bauer for $40 million by Seven West Media.
The publishing house, like most of the media industry, has been hit by a decline in advertising revenue as businesses pull back during the economic fallout of the coronavirus pandemic.
Bauer has been shedding jobs and temporarily suspending the print publication of some titles as the publisher restructures parts of its business.
The publisher’s New Zealand operations were shut in April due to the severe economic impact of COVID-19.
Family-owned German publisher Bauer created its local magazine business by buying ACP in 2012 from Nine Entertainment for an undisclosed sum, reported to be $525 million.
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