ACP (Australian Consolidated Press) has sold its magazine division to German publishing giant Bauer Media Group.
Bauer publisher and owner Yvonne Bauer said that the acquisition means that ACP's strong brands in Australia and New Zealand will be the "perfect platforms to expand into digital areas."
ACP's owner, Nine Entertainment Company, will be glad of the cash, it seems.
"The decision to sell the magazine business is not one we have made lightly," said CEO David Gyngell.
"On balance, however, the sale provides NEC with an attractive all cash valuation, and ACP with the benefits of being part of a global publisher organization."
The sale, expected to be done and dusted within 8 weeks, is rumoured to be worth $500 million Australian