SYDNEY-BASED ACP MAGAZINES SELLS 50 PERCENT OF ITS UK PUBLISHING JOINT VENTURE
March 6th 2008 01:28
ACP Magazines today announced that it had sold its 50 percent interest in the UK publishing joint venture ACP NatMag to its partner, the National Magazine Company.
The UK publishing joint venture was formed in 2004 between the Hearst-owned UK publishing arm The National Magazine Co and ACP Magazines, specifically to develop weekly magazines for the UK market.
The ACP NatMag joint venture publishes weekly titles Best, Reveal and Real People.
PBL Media, ceo, Ian Law, said, “The decision to sell our 50 percent interest in the UK joint venture was based on two main factors.
“Firstly, the UK joint venture had limited scale and it is not in our core market. Our focus is on maximizing our position in the Australasian markets including Australia, New Zealand and Asia.
“Secondly, we think the ACP NatMag joint venture business will do better if it is fully integrated in to The National Magazine Co publishing operations.”
Law said, “The decision will mean that Colin Morrison will leave ACP Magazines after eight years of service. Colin has worked with us across various markets and has been invaluable in our publishing success. We wish him well.”
Prior to the ACP NatMag joint venture role in the UK, Colin Morrison was the ceo of ACP Magazines in Australia.
Law said the terms of the UK sale were confidential.
ACP Magazines said it has a continuing, and developing relationship with the Hearst group through other publishing joint ventures in Australia, Singapore and Malaysia, which included titles like Cosmopolitan, Harper’s Bazaar, and Madison.
Scott Lorson, ceo, ACP Magazines, said, “We are extremely proud of our long-standing partnership with the Hearst Group. Joint venture titles such as Harper’s Bazaar, Madison, and Cosmopolitan are leaders in their markets, and we have further joint publishing initiatives planned in the region.
“The decision to exit the UK JV is consistent with our clear focus on establishing a broad and diverse portfolio of market leading titles in our core Australasian markets, as reflected by the recent acquisitions of Emap titles including Zoo Weekly and JV with Northern and Shell on OK! Magazine.”
The UK publishing joint venture was formed in 2004 between the Hearst-owned UK publishing arm The National Magazine Co and ACP Magazines, specifically to develop weekly magazines for the UK market.
The ACP NatMag joint venture publishes weekly titles Best, Reveal and Real People.
PBL Media, ceo, Ian Law, said, “The decision to sell our 50 percent interest in the UK joint venture was based on two main factors.
“Secondly, we think the ACP NatMag joint venture business will do better if it is fully integrated in to The National Magazine Co publishing operations.”
Law said, “The decision will mean that Colin Morrison will leave ACP Magazines after eight years of service. Colin has worked with us across various markets and has been invaluable in our publishing success. We wish him well.”
Prior to the ACP NatMag joint venture role in the UK, Colin Morrison was the ceo of ACP Magazines in Australia.
Law said the terms of the UK sale were confidential.
ACP Magazines said it has a continuing, and developing relationship with the Hearst group through other publishing joint ventures in Australia, Singapore and Malaysia, which included titles like Cosmopolitan, Harper’s Bazaar, and Madison.
Scott Lorson, ceo, ACP Magazines, said, “We are extremely proud of our long-standing partnership with the Hearst Group. Joint venture titles such as Harper’s Bazaar, Madison, and Cosmopolitan are leaders in their markets, and we have further joint publishing initiatives planned in the region.
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