Seven revises completion date for Pacific Magazines sale to Bauer Media

Seven West Media (SWM) has revised the sale date of its magazine arm to German-owned publisher Bauer Media.

The $40m Pacific Magazines deal will now be completed on 1 May, 2020. The deal was supposed to go through today, after being approved by the Australian Competition and Consumer Commission (ACCC) at the end of March.

According to the announcement, no other aspects of the deal have changed. SWM will receive April revenues from Pacific Magazines, meaning the date change will have no adverse effect.

The announcement comes after it was revealed yesterday that SWM has begun court proceedings against Bauer Media to force a completion of the sale. The media company insisted the move was “normal” and didn’t reflect any of the whispers in the industry that Bauer Media was trying to either find a way out of the deal, or cut the price it would have to pay for the business.

The court case was moved yesterday, initially set to take place at the end of April, before being moved to 17 April.


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