The announcement comes just days after ACP Magazines announced its exit from its joint UK publishing venture with the National Magazine Company.
The 50/50 joint venture, to be based in ACP Magazines' Sydney office, will begin operations with the launch of the Australian edition of Top Gear Magazine, before the middle of this year. The new company also plans a second, as yet undisclosed, title launch before the end of the year.
A board comprising representatives from both companies will manage the new venture. Phil Scott, group publisher of ACP Magazines' men and specialist titles, will handle the day-to-day management of the company.
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."
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."
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