Shares in Seven West Media soared after announcing the sale of its Pacific magazines division.
In early trade the shares were up 9% to $0.42.
Seven West Media has agreed to sell Pacific Magazines to Bauer Media for $40 million.
Seven will use proceeds of the sale to pay down debt, improve its balance sheet flexibility and simplifying the organisation to focus on its content led growth strategy.
James Warburton, appointed CEO of Seven West Media in August, is reshaping the media group.
Last week he launched a takeover of regional broacaster Prime Media Group with an all share deal.
The combined group creates a premium broadcast, video and news network with potential to reach more than 90% of Australia’s population each month.
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