Bauer Media has stopped printing some of its Australian publications.
Last week, Bauer Media completed its A$40m ($42.4m) purchase of magazine publisher Pacific Magazines from Seven West Media.
This happened just two days after the German-based group announced it would make 70 Australian staff redundant.
The deal comes after the Australian Competition and Consumer Commission gave its approval. Seven West Media had also instituted court proceedings to force Bauer to complete the transaction. Pacific Magazine’s portfolio of publications, including New Idea and That’s Life, will now join Bauer’s extensive stable of magazines.
Brendon Hill, chief executive at Bauer, said, “We are extremely pleased to complete the purchase of Pacific Magazines. It will drive the consolidation publishing needs right now to be competitive at what is a very challenging time for our industry. We welcome the Pacific staff to the Bauer Group and look forward to working with them.
“The economic impact of Covid-19 is affecting the entire media industry but, by combining Pacific Magazines with Bauer Media Australia, it will create a stronger business with the capabilities to better compete in a digital world.”
Titles suspended
However, Bauer Media has stopped printing some of its titles. It says the impact of Covid-19 and the correlated decrease in advertising revenue left it with no other choice. Titles affected will maintain a digital presence. Print publication will resume once the trading environment improves.
In a meeting with staff, Hill said, “These are unprecedented times. The Covid-19 crisis, and the strict measures being taken to control it, are having a profound impact on the Australian economy and any business that operates in it. This has led to a sharp decrease in advertising revenues in Australia over the short term. And we have had to reshape our organisation accordingly.”
All this also follows the company’s decision to shut its New Zealand operation down. Bauer Media NZ published entertainment, lifestyle and current affairs titles including the NZ Listener, Woman’s Day, New Zealand Woman’s Weekly, North and South and Next.
