October 20, 2019 / 10:27 PM / 23 days ago

Australia's Seven West Media to sell Pacific Magazines for $27.4 mln

Oct 21 (Reuters) - Seven West Media Ltd said on Monday it signed a binding agreement to sell Pacific Magazines to German-based Bauer Media for A$40 million ($27.4 million).

The sale is expected to be completed by the end of 2019, subject to approval from Australia’s competition watchdog, the company said in a statement.

The free-to-air television broadcaster will also receive A$6.6 million of advertising on Bauer Media assets over three years.

$1 = 1.4618 Australian dollars Reporting by Devika Syamnath in Bengaluru; Editing by Peter Cooney

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