Bauer Media announces sale of Money magazine to Rainmaker
Bauer Media has announced the sale of Money magazine and its associated assets to financial services research house Rainmaker. The final edition produced by Bauer will be the April issue.
Bauer Media ANZ CEO Paul Dykzeul said the sale was due to a desire to focus on ‘core consumer brands’.
“We continue to remain focused on deepening our category specialisation and focusing on our core consumer brands, and as a result, the decision has been made to look for a new home for the magazine, with that being Rainmaker,” said Dykzeul.
“Bauer Media has been the proud publisher of Money magazine for 20 years. Under the leadership of Effie Zahos, it is regarded as one of the most respected finance magazines in Australia with readership figures up 15% year on year. I wish the magazine continued success under the management of Rainmaker.”
Money Magazine’s March issue
Rainmaker Group already has one online media brand, in the form of Financial Standard, but its core revenue stream comes from providing financial information to superannuation funds, investment managers, and financial planners. It also runs events including awards and roundtables.
Rainmaker managing director Chris Page said the company was excited to be taking on the popular title.
“This acquisition is a milestone moment for our business and we look forward to building on the magazine’s reputation as the most-read personal finance title in Australia,” said Page.
“This is our first major acquisition since our media division, Financial Standard, was established in 2003. While we have steadily built our business in trade media, this acquisition meets our longer-term objective of growing our consumer media platform.”
Effie Zahos will stay at Bauer under a new role of finance editor, commentator and financial literacy campaigner.
“Effie brings knowledge, experience and passion to this area and so we are delighted that she will remain at Bauer. She will play a key role in working to support our Financially Fit Females initiative and liaising with editors across the Bauer brands,” said Dykzeul.
Michelle Baltazar, current executive director of media at Financial Standard, will step into the editor-in-chief role while Financial Standard editor Darren Snyder will move into the managing editor role.
Jamie Williamson, associate editor of Financial Standard’s magazine FS Advice – The Australian Journal of Financial Planning, will move to the role of editor at Financial Standard.
Finance author and financial literacy advocate Paul Clitheroe AM will continue in his role as Money’s chairman and chief commentator.
The remaining Money team will move across to the Rainmaker offices as of March 25.
Money magazine is just one of many titles Bauer has closed or sold in recent times. The publisher shut the doors on Cosmopolitan Australia, a move many of the ex-editors attributed to a lack of focus on digital.
In June 2018 the company acquired Inside Out, Country Style and Home Life from News Corp, after selling Australian Geographic in March of that year and closing Men’s Style in December 2017.
2017 also saw the Australian Good Health team face the axe as the publisher consolidated it with the New Zealand team. Yours, Homes+ and Recipes+ also got the chop despite being only a few years old and Shop Til You Drop was closed in March after many changes to the frequency and format failed to reinvigorate the title. That month Rugby League Week also got the chop.
Dolly and Cleo were both closed in 2016 after their editorial teams were combined prior to that in a cost-cutting measure, and Caravan World, Campertrailer Australia, Motorhome and Caravan Trader, Travelin, Turu and associated websites were all sold to Adventures Group Holdings that year.
