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Tech & Science Seven West Media agrees to delay completion date for $40m magazine deal

03:10  09 april  2020
03:10  09 april  2020 Source:   watoday.com.au

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Bauer Media has refused to comment and pulled media interviews with local chief executive Brendon Hill since the Australian Competition and Consumer Commission gave the green light for it to acquired PacMags from Seven West Media for $ 40 million. There has been speculation Bauer is looking to cut

Seven West Media Limited is a multiple platform media company. The Company's principal activities are free to air television broadcasting Australia's Seven West Media Ltd said on Monday it had agreed to sell Marie Claire-publisher Pacific Magazines to German-based Bauer Media for A$ 40

The offices of the Seven Network are seen in Sydney, Tuesday, Nov. 8, 2016. (AAP Image/Dan Himbrechts) NO ARCHIVING © AAP Image/Dan Himbrechts The offices of the Seven Network are seen in Sydney, Tuesday, Nov. 8, 2016. (AAP Image/Dan Himbrechts) NO ARCHIVING

Seven West Media has agreed to delay the completion date for the $40 million sale of its magazine arm to Bauer Media by three weeks.

The company said in an ASX statement on Thursday morning it that "all other terms of sale are unchanged" as it confirmed a revised completion date of May 1 for the sale of Pacific Magazines.

Bauer Media's takeover of the New Idea and WHO publisher was expected to be completed today after the deal was cleared by the Australian Competition and Consumer Commission on March 26, but tough advertising marketing conditions caused by the COVID-19 pandemic caused the German family-owned business to review the transaction and consider cutting further staff or a renegotiation of the sale price.

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Get the latest Seven West Media earnings report, revenues as well as upcoming SWM earnings dates , historical financial reports, news, analysis & more. Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate.

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Seven's Pacific Magazines filed a court case with the NSW Supreme Court to compel the completion of the sale, as concerns were raised Bauer Media was not in a financially viable position to complete the deal. The two companies are due in court on April 17.

Seven said yesterday that the contract is unconditional and Bauer solicitors were "aware" of their obligations under the agreement, but it is unclear whether Bauer Media informed the broadcaster of its intention to default on the deal.

Industry sources said the German publishing giant had been looking to renegotiate as current market conditions had significantly reduced the value of Pacific.

Bauer Media last week suspended the use of freelance journalists and halted staff expense claims, while its German parent company decided to close its New Zealand magazine operations.

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Delayed . Featured here, the Income Statement (earnings report) for Seven West Media Ltd, showing the company's financial performance from operating and non Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate.

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Multiple industry sources who spoke on the condition of anonymity last week expressed concern the publisher of Australian Women's Weekly and Woman's Day could be put into administration to avoid going through with the purchase or be forced to shut down multiple titles if it couldn't renegotiate the price.

Sources familiar with the transaction have said there is no financial guarantee by Bauer Media's parent company, Heinrich Bauer Verlag KG.

The Bauer family, which owns Bauer Media, had been looking to exit the Australian market late last year and was in discussions with private equity firm Mercury Capital about a transaction.

The deal is important for the Australian magazine industry, which has faced fierce competition from online platforms.

But the transaction is also significant to Seven, as it will help reduce its net debt pile of half a billion dollars.

Seven had been trying to sell off a range of assets, including Seven Studios and Seven Digital Ventures, before the COVID-19 crisis. But the pandemic forced the company to withdraw its earnings forecasts late last month and told staff last week to take a 20 per cent pay cut until the end of the financial year.

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