Original article by Zoe Samios
The Australian – Page: 17 & 20 : 21-Oct-19
There is general agreement within the media industry that the proposed sale of Pacific Magazines to Bauer Media Australia is necessary for the two businesses to be sustainable. Both publishers have been hard hit by the decline in advertising revenue and circulation over the last 10 years. Magazines now account for just one per cent of the industry’s advertising revenue, compared with seven per cent in 2009. Meanwhile, Bauer’s revenue fell 13.7 per cent to $224.3m in 2018, while Pacific Magazines’ revenue fell 7.2 per cent to $129.4m in 2018-19. Sources have suggested that a deal could be struck within days.
BAUER MEDIA AUSTRALIA PTY LTD, PACIFIC MAGAZINES PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM