JUST DAYS before the Australian Competition and Consumer Commission confirmed it would not oppose ACP Magazines’ acquisition of Emap’s Australian magazine operations, the deal was announced. Law firm Addisons partner Jamie Nettleton, who led the legal team, said the sale reflected the continuing consolidation of Australia’s magazine sector.
Working closely with financial services group Citi, Addisons structured the share sale and purchase agreement for Emap, publisher of FHM, Zoo Weekly, Tracks and New Woman.
Nettleton said the sale was one of three major magazine transactions for the year, and that it would allow the British parent to continue to receive licensing revenues from the Australian editions of its titles.
Emap is a long-time client of Nettleton’s, having a decade ago enlisted the lawyer to help it establish its Australian subsidiary. Nettleton was assisted by Addisons partners David Selig and Kathryn Edghill, who addressed the competition issues. Associates Amy Cowper and Nathan Greenfield also provided support on intellectual property, due diligence and completion issues.
The deal, which had to completed in eight weeks, required in-depth knowledge of magazine publishing as well as consideration of the intellectual property involved and a series of trade practices issues, Nettleton said.
Emap’s decision to offload the Australian magazine group followed a strategic review of the Australian operations earlier this year, Addisons said.