SPH Magazine Buys Aussie Publisher for $58m (ST)
SINGAPORE Press Holdings' (SPH) wholly owned subsidiary, SPH Magazines, is acquiring Australia's ACP Magazines. SPH Magazines is buying the business for $58 million, taking into account existing assets, intellectual property rights, goodwill, financial position and business prospects of ACP Magazines, SPH said yesterday.
The trademark for popular women's magazines such as The Women's Weekly and Cleo in Singapore, Malaysia and Indonesia will now belong to SPH Magazines.
The deal to buy ACP Magazine also includes its 50 per cent joint venture with Hearst Magazines International, which publishes Harper's Bazaar and Cosmopolitan in Singapore and Malaysia.
The acquisition will be funded from SPH's internal resources and is not expected to have any material impact on the net tangible asset per share or earnings per share for SPH for the current financial year ending Aug 31 next year.
Chief executive Loh Yew Seng of SPH Magazines said: "SPH Magazines and ACP Magazines are two leading publishing houses with strong track records. With this strategic move, we will be able to build on one another's strengths to bring our products to a higher level, and increase our effectiveness and efficiency as a whole.
"Besides looking into new areas of growth for the long-term sustainability of our business, we will also be giving added value to all our readers and advertisers across multiple media platforms."
Said Ms Julie Sherborn, chief executive officer of ACP Magazines: "SPH Magazines is a dynamic publisher with more than 100 titles, many of which have a well-established presence locally and regionally. This latest move will be a catalyst to our product growth."
She will be appointed as publishing consultant during the transitional period, and will report directly to Mr Loh.
SPH Magazines has about 100 titles in English and Chinese, covering topics such as lifestyle, fashion, beauty, society, bridal and parenting.