CVC-Owned Entertainment Co. Sheds Mag Division For $511M

Law360, New York (September 4, 2012, 2:29 PM EDT) -- Australia's debt-laden Nine Entertainment Co., which is owned by private equity firm CVC Capital Partners LLC, announced on Tuesday it has sold off its magazine arm in a deal with Bauer Media Group reportedly worth AU$500 million (US$511.6 million).

The deal, which is expected to close in the next four to eight weeks, gives Germany-based Bauer full control of ACP Magazines Ltd., Australia and New Zealand's largest magazine publisher, Baeur said.

The companies did not disclose terms of the deal, but Tuesday reports by the The...
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