Mediaboss Marketing

Last year, ACP magazines reportedly generated earnings before interest, tax, depreciation and amortisation (EBITDA) of about $100 million.

BAUER Media last night signed off on the acquisition of Australia's largest magazine publisher, ACP, after securing approval from the Foreign Investment Review Board.

The move was the last remaining hurdle for the German publisher to take control of popular titles such as The Australian Women's Weekly.

Bauer publisher Yvonne Bauer is expected to arrive in Sydney today, but company executives have been camped out at ACP's Park Street headquarters since last week finalising the details of the deal.

We are pleased to have completed the sale of ACP. Bauer Media is one of the worlds largest magazine groups, and they were a logical owner for the business, said Nine Entertainment CEO David Gyngell.

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Mr Gyngell said that there would be close ongoing collaboration between Nine Entertainment and ACP:

Nine and ACP will continue to work extensively together in the years ahead. In Sales, we will maintain focused ongoing cooperation between Nine, ACP and Mi9 through our Powered division. We will also continue to cross-promote ACP and Nine brands across the two companies, he said.

FIRB approval was considered a formality and the sale was effectively sealed last week when lenders to ACP's current owner, Nine Entertainment, gave their approval to the transaction, which will deliver just under $500 million to the debt-laden network owner.

All of the proceeds will be paid to senior lenders who are owed about $2.8 billion and effectively control the network's fate as it needs to restructure this debt if it is to avoid collapse.

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Bauer takes control of ACP