Seven completes sale of Pacific Magazines to Bauer
Despite a number of roadblocks along the way, Seven West Media (SWM) has completed its sale of magazine publisher Pacific Magazines to German-owned publisher Bauer Media.
A final price of $40m in cash consideration was handed over today, as well as $6.6m in advertising over three years in Bauer publications.
No mention of the 50 odd staff that lost their jobs at Pacific yesterday who are not going to Bauer after 6 months of uncertainty?
Just how Bauer will integrate Pacific Mags is going to be interesting to watch. Bold predictions: some of the titles won’t survive and some may be merged; e.g. Woman’s New Idea Day (do you remember The Daily Telegraph Mirror). TV Week will have to broaden its market to embrace the whole of the digital age. Both Bauer and SWM have got what they want. Hopefully this monopolistic aggregation will work for both readers and Bauer staff. But there will be more pink slips before it is over.
What an absolute shit show of a merger.
All this talk of digital competitiveness.
Now watch the former Pacific titles’ web traffic plunge to the abysmal levels of Now To Love.
Now To Watch Now To Love
Good heavens – if New Idea and Woman’s Day merge. How will they cope with space, with two lots of untruths printed in one mag!
Not 50 odd staff, add the other 140 staff who worked for Impact Merchandising which was also part of Pacific – the forgotten people !! 130 merchandisers who were casual lost their jobs on the 30th April and the other 10 permanent staff were made redundant on the 1st May as part of the sale.