No 'binding' deal to sell mags: Seven West
SEVEN West Media has responded to reports it is in talks to sell its magazine publishing arm to Bauer Media, saying "no binding agreement has been concluded".
"Any agreement, if were to be concluded, would be subject to regulatory approval and obtaining other consents," Seven West Media said in a statement on Monday to the ASX.
Mumbrella and The Australian last week reported that Seven West was in talks to sell Pacific Magazines to Bauer in a deal that would combine two of Australia's biggest magazine publishers.
Pacific Magazines' publications include Marie Claire, Better Homes & Gardens, Women's Health, Men's Health and New Idea, while Bauer publishes Woman's Day, Elle Australia and Empire, among other titles.
Seven West shares were up 5.5 per cent to 38.5 cents at 1316 AEDT.