The new company will operate out of ACP Magazines' Sydney office and will develop and publish titles from BBC Magazines' portfolio, including lifestyle, children's and special interest titles.
An Australian edition of motoring magazine Top Gear will be the first title to launch under the new partnership, in the middle of this year.
The partnership will operate in the same way as ACP Magazines' long running joint venture with Hearst magazines in Australia, which publishes Cosmopolitan, Harper's Bazaar and Madison magazines.
Peter Phippen, managing director of BBC Magazines, said: "Top Gear is already a hugely successful international brand and this new joint venture will enable BBC Magazines to explore the full potential of other key BBC properties in what is a rapidly-growing market for us."
The new company plans a second major launch before the end of 2008.
Scott Lorson, chief executive of ACP Magazines, said: "This move brings together two world leading publishing houses, combining BBC's rich portfolio of magazine titles with ACP's local market knowledge and strong publishing culture.
"We are extremely pleased to be working in partnership with the BBC, and look forward to jointly delivering Australian consumers an exciting range of new and compelling titles."
The company will be managed by a board comprising representatives from BBC Worldwide and ACP Magazines. Phil Scott, group publisher of men's and specialist titles at ACP Magazines, will take on the additional role of general manager of the joint venture and will handle the day-to-day management of the company.
Last week, ACP sold its 50% stake in its joint venture in the UK with the National Magazine Company, transferring full ownership of women's weeklies Best, Reveal and Real People to NatMag.
The ACP-NatMag partnership, which lasted three years, was set up to house Best, previously owned by ACP, and launch celebrity magazine Reveal and real-life title Real People.
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