Magazines Industry News Sample

Jun 13, 2002 20:43:26

PACIFIC PUBLICATIONS: Seven Network Takes 100% Shareholding

AUSTRALIA (SunStream News) -- Kerry Stokes's Seven Network will take 100% control of Pacific Publications, Australia's second largest magazine group, after its current joint venture partner PMP unveiled a new strategic direction as a focused printing company on Tuesday, the Australian Financial Review reported. PMP plans to exercise a put option giving it the right to sell its 50% interest in the Pacific Publications joint venture to Seven in August for $65 million. The move allows PMP to pay down debt and gives Seven control of a stable of titles including New Idea, That's Life! and TV Week. Last year Seven paid $65 million in cash for a 50% stake in Pacific's Australian and New Zealand magazines business, plus $20.35 million for an initial 12.7% stake in PMP. At the same time, PMP has negotiated a new domestic $300 million debt facility, fully underwritten by ANZ and Toronto Dominion, which is more flexible than its current short-term facility which expires on September 30. The deal is subject to approval by PMP's US bond holders and is expected to be in place by the end of July.

ss/bal

Source: M&A Reporter - Asia Pacific

Publication Date: 2002-06-14

 

NWS:	TNM

COY:	PMP.AX
	SEV.AX

IND:	MAG
	PUB

GEO:	u-at

 

Back to Industry News Samples List