ACP Magazines is set to be bought by German publisher Bauer, with a deal to be announced as early as today, The Daily Telegraph is reporting.
Speculation has suggested for several months that parent company Nine Entertainment Co is looking to sell as a way of reducing its large debts.
ACP is Australia’s largest magazine publisher with titles including Australian Women’s Weekly, Cleo, Woman’s Day and Zoo Weekly.
The Tele reports: “An ACP source said last night: ‘Talks are at an advanced stage. It is happening.'”