ACP magazines, publisher of The Australian Women's Weekly will come under new ownership as Nine Entertainment Co confirmed an agreement to sell Australia's largest magazine publisher to leading European media group Bauer.
ACP will break away from Nine Entertainment Co to join the German based international publishing house, a family-owned company publishing about 400 magazines and more than 100 online products in 15 countries worldwide.
While the handover signifies the end of an era as part of the Nine Entertainment family, ACP CEO Matthew Stanton said gaining the scale and experience of a significant global publisher while maintaining a strong working relationship with NEC would strengthen the company's future.
"Being part of the Bauer Media Group provides ACP with a positive and clear future, under an owner who is focussed on magazines and who will support investment and growth in our business.
"This outcome provides a commitment for the long term for both our brands and our people," he said.
Publisher and owner Yvonne Bauer said the company was delighted to welcome ACP as a member of the the media group, which has a strong focus on digital growth.
"ACP fits our strategy of developing the Bauer Media Group globally, we believe in print, and ACP's strong brand in Australia and New Zealand are perfect platforms to expand into digital areas," she said.
The sale is expected to be finalised within the next four to eight weeks as ACP moves towards a new ownership structure.