Australia’s biggest magazine publishing house, Are Media, has confirmed it is looking for a buyer.
The publisher houses a number of titles including Better Homes and Gardens, Australian Women’s Weekly, Elle, Who, Women’s Day, New Idea, and TV Week.
Are Media is owned by investment firm Mercury Capital.
Mercury Capital also bought a number of New Zealand titles after acquiring them from Bauer Media for an estimated $40-50 million in 2020.
“Further to recent speculation, and on the back of a number of market enquiries and approaches, we can confirm that a decision has been made to commence a sale process for Are Media, Australia’s leading omnichannel content company for women,” Are Media told Mumbrella in a statement.
KPMG Corporate Finance has been engaged to run a formal sale process.
Are Media was part of Mercury’s $60 million fund, which included ticketing, event promotion and technology company TEG.
In an email to staff, Are Media CEO Jane Huxley confirmed the sale and described it as a strategic and confident step forward.
“After careful consideration, Mercury and our Board have decided it’s time to begin the process of finding a new owner for the Are Media Group. This decision comes from a place of strength and optimism,” Huxley wrote.
“We’ve built incredibly strong foundations, and now it’s time to take the next step.”
The sale follows Are Media's announcement of a strategic partnership with U.S. publishing group Dotdash to expand its digital content reach.
Are Media said the partnership has greatly increased its digital footprint to 10.4 million monthly users with a print readership of six million.
