Seven West Media (ASX: SWM) today announced the completion of the sale of Pacific Magazines to Bauer Media.
$40 million in cash consideration, pre-adjustments and leave provisions, as well as $6.6 million in advertising over three years in Bauer publications, was received by SWM from Bauer for the sale.
Commenting on the completion of the sale, James Warburton, SWM Managing Director and Chief Executive Officer, said: “We welcome today’s completion of the sale of Pacific Magazines to Bauer Media. The completion of this transaction is a key step as we work to transform SWM.
“I want to thank all the staff at Pacific for their passion, commitment and tireless work over the years at SWM.”