Pacific Star Network sells Frankie and Smith Journal for $2.4m
Pacific Star Network will sell its fashion and lifestyle titles under the Morrison Media Services banner, to Nextmedia.
Morrison, which publishes Frankie Magazine and Smith Journal, will be sold for $2.4m cash, less ‘adjustments for working capital’.
Frankie and Smith Journal will fall into the hands of Nextmedia
It comes four years after Morrison Media was acquired by Pacific Star Network for $10m.
According to an announcement on the Australian Securities Exchange (ASX), 70% of the amount will be paid on settlement, while the remaining 30% will be payable on June 30 2019.
Hamish Bayliss, managing director of Nextmedia, said it was delighted to add to brands to the portfolio, which currently includes Australian Guitar Magazine, Soap World, K-Zone, Total Girl and Inside Sport. Earlier today, Nextmedia revealed it would sell three tech and gaming titles to Future Publishing.
Today’s announcement comes eight months after the merger of Pacific Star Network and Crocmedia and one month after PSN acquired the AFL Record.
Craig Hutchison, managing director of Pacific Star Network, added: “Since announcing the merger with Crocmedia Pty Ltd in January 2018 we have undertaken numerous operational and financial initiatives.
“The sale of Morrison aligns with the continued expansion of our ‘Whole of Sport’ offering. Publishing remains core to our ‘Whole of Sport’ offering. Our recent acquisition of the AFL Publishing business, responsibly for AFL Record, complements our broader suite of sporting assets.”
Completion of sale is subject to customary conditions, but is expected to occur by mid September 2018.
