NatMags buys ACP stake
The National Magazine Company, the UK’s wholly-owned subsidiary of Hearst Corporation, has agreed to acquire ACP’s 50 per cent interest in ACP-NatMag, ending a near four year relationship.
The business, which publishes three large-scale weekly magazines, Best, Reveal and Real People, will be fully integrated into the infrastructure of the National Magazine Company under the management of chief executive Duncan Edwards and managing director Jessica Burley.
Colin Morrison, currently chief executive of the former ACP-NatMag joint venture, is set to leave the business, ending eight years service at ACP Magazines across various markets.
Edwards said: “We have been very pleased with our expanded footprint in the weekly magazine market through our partnership with ACP and with the progress that our titles have made over the last three years. When ACP indicated that it would like to sell its interest in the joint venture to concentrate on its rapidly growing business in Australasia, we were very happy to acquire its 50 per cent interest.
Today's announcement signals the withdrawal of Australian-based ACP Magazines from the UK and Ian Law, CEO of parent group PBL Media, has stressed the company's core focus on "maximising our position in the Australiasian markets", adding: "We think the ACP-NatMag joint venture business will do better if it is fully integrated into the NatMags' publishing operations."
Hearst will continue to partner with ACP through its joint venture in Australasia, which publishes Cosmopolitan, Harper’s Bazaar and Madison.
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