Better Homes and Gardens TV show to continue Channel Seven production despite Bauer Media buyout
Better Homes and Gardens is now part of Bauer Media after Seven West Media agree to sell Pacific Magazines, its magazine business, to Bauer Media for $40 million.
The deal is expected to be completed next year, subject to the approval of the ACCC.
Better Homes joins the stables at Bauer which includes The Australian Women's Weekly, Empire and Heat.
Better Homes and Gardens TV show however will continue its ongoing production with Channel Seven under the agreement.
As part of the agreement, Seven West Media and Bauer Media have also entered into commercial arrangements, including a $6.6m advertising spend for Seven West Media on Bauer assets over three years.
It has been reported the proceeds of the sale will be used to pay down Seven West Media's debt after they posted a $444.4 million loss.
New Seven boss James Warbuton said the sale is another step towards the future of the SWM brand.
“The sale of Pacific Magazines is another major initiative aligned with our strategy to improve balance sheet flexibility and simplify the operating model to enable greater focus on growth initiatives,” he told Mumbrella.
“The team at Pacific have been at the forefront of our group’s transformation and have done a tremendous job at repositioning their business, but there can be no doubt that there is a greater future within a larger scaled magazine group.”
