CVC’s Nine sells magazine unit to service debts
CVC Capital Partners-owned Nine Entertainment has sold its ACP Magazines division to German publisher Bauer for A$500 million ($510 million). The proceeds will go towards paying down some of the Australian media company’s debt, with a senior tranche of A$2.7 billion due to mature in February 2013.
ACP's portfolio includes The Australian Women's Weekly and Women's Day, the country's biggest-selling monthly and weekly titles, respectively, as well as TV Week, Rolling Stone and Harper's Bazaar. These...
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