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Seven West Media (ASX:SWM) delays Pacific Magazine sale

Media
ASX:SWM      MCAP $323.2M
10 April 2020 10:00 (AEST)

Seven West Media (SWM) has agreed to delay the completion date for the $40 million sale of Pacific Magazine to Germany’s Bauer Media.

The deal is now expected to be completed by May 1. The company says, “all terms of sale are unchanged.”

Pacific Magazines is home to well-known publications such as New Idea, Marie Claire, Better Homes and Gardens, MensHealth, and many more.

The sale of Pacific Magazines was cleared by Australian Competition and Consumer Commission two weeks ago, but the financial impacts from COVID-19 created speculation that Bauer’s Australian business was trying to withdraw from the deal or change terms.

On Tuesday, Seven West Media announced it was going to court with Bauer to force the sale of Pacific Magazines.

The two companies are due to appear in court on April 17.

Seven West is up 2.46 per cent on the market today, trading for 6.3¢ per share at 3:32 pm AEST.

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