IPC Media takes control of Australian joint venture

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Claire Billings,

March 15, 2002

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IPC Media takes control of Australian <BR>joint venture

LONDON - IPC Media has taken control of its Australian magazine publishing joint venture and has bought out Australian publisher ACP, which publishes the Australian versions of Practical Parenting, Bride to Be and Woman's Weekly.

IPC is buying ACP's 50% of the venture for an undisclosed sum, to take full control of the business. IPC's titles, however, will continue to be distributed by ACP's Network Services Company.

The move comes as IPC parent AOL Time Warner continues its strategy of international expansion. Time already has a strong presence in Australia with its weekly magazines Time Australia and celebrity title Who Weekly, and monthly fashion magazine In Style.

Both Australian publishing operations, based in Sydney, will be managed by IPC Media and overseen by IPC Media board director Tim Brooks, who is based in London. Brooks, in turn, reports to IPC Media chief executive Sly Bailey.

Brooks said: "ACP has been a great publishing partner for us in Sydney. Together we have built a solid business in IPC ACP. Time Inc's purchase of ACP’s interest in our joint venture underscores our intention to strengthen our position in the Australia media market.”

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