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ACCC gives the nod to ACP

Wednesday, 19 September 2007
By Print21

ACP can rest easy after getting the green light from the ACCC.

 

The news comes one week after the magazine publishing giant bought Emap for $94 million. A notice on the ACCC’s website dated 18 September 2007 states that: "ACCC decided not to oppose the acquisition."

This decision gives the PBL Media company the lion’s share of the magazine market, occupying more than 50 per cent of the sector.

PBL’s CEO Ian Law said last week that: "We are confident that with synergies and operational movements we will achieve a strong return on the Emap investment and it will bolster our overall portfolio."

Pacific Magazines, who offered $85 million for Emap, was not disheartened to lose the bid and cited its previous acquisition of four Time magazine titles as being more significant to the company.

Nick Chan, CEO of Pacific Magazines told the Australian Financial Review that: "Strategically, buying Emap was not as important as buying the Time titles, which made us stronger in the weekly women’s and celebrity magazines market."

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