Australian Consolidated Press, part of Publishing & Broadcasting, will team up with NatMags, which is owned by Hearst, in the UK to create ACP-NatMag.
As part of the deal, the Sydney-based company is taking a 50% stake in NatMags' Best magazine.
Duncan Edwards, managing director of The National Magazine Company, said: "The past five years have witnessed major growth in weekly magazine sales in the UK and we expect this to continue. I have made no secret of our desire to become a serious player in the weekly market and this joint venture represents a great way to achieve this."
NatMags' parent Hearst already has a joint venture with ACP in Australasia, through which they publish Cosmopolitan, Harpers Bazaar and She.
Colin Morrison, the former ACP chief executive officer, will be chief executive of the new joint venture in the UK.
He said that consumer spending on weekly magazines in the UK has increased by 19% in the last three years and there have been substantial changes in the sector.
"We aim to become a leading weekly publisher by exploiting the respective strengths and resources of our two shareholders. We will start with an established and successful base, the weekly magazine Best, and are well advanced in new development and launch plans," Morrison said.
It is the second recent joint venture NatMags has established. Earlier this year, it teamed with the US-based company Rodale, which is behind Men's Health.
The two joined to form NatMag Rodale to publish Men's Health and Runner's World in the UK.
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