Bauer shuts 8 magazines in Australia

SYDNEY • Bauer Media Pte Ltd is closing eight of Australia’s best- known magazines due to the impact of the coronavirus pandemic, the publisher announced yesterday, a month after it was bought by a private equity (PE) firm.

The axed titles include the Australian editions of Harper’s Bazaar, Elle, InStyle, Men’s Health and Women’s Health.

The German media conglomerate paused publication of many of its Australian and New Zealand (ANZ) magazines in May due to a drastic fall in advertising revenue caused by business closures and travel restrictions imposed to curb the spread of Covid-19. Bauer then sold its ANZ operations in July to Sydney-based PE firm Mercury Capital.

Bauer ANZ CEO Brendon Hill, who stayed on after the sale, said earlier hopes that all of the company’s 43 magazine brands could resume publication later this year had been dashed by the depth of the economic downturn.

“No one could have anticipated the swift, widespread and ongoing impact of the pandemic on our business and industry,” Hill said in a statement. — AFP