SPH Magazines has acquired ACP Magazines, the publisher of women's titles such as The Women's Weekly and Cleo, for an undisclosed sum.
With the acquisition, SPH Magazines will become the trademark owner of The Women's Weekly and CLEO in Singapore, Malaysia and Indonesia, and The Finder in Singapore and Malaysia. It will also take over ACP Magazine's 50% share in the joint venture with Hearst Magazines International, which publishes Harper's BAZAAR and Cosmopolitan in Singapore and Malaysia.
As part of the deal Julie Sherborn, chief executive officer of ACP Magazines, will be appointed as publishing consultant during the transitional period, reporting directly to Loh Yew Seng, chief executive officer of SPH Magazines.
Bridget Hope, ACP Magazines' publishing director who currently heads the editorial staff team will report to Caroline Ngui, group editor-in-chief of SPH Magazines, while Seymour Cohen, ACP Magazines' commercial director who heads the marketing and sales team will report to Maureen Wee, SPH Magazines' managing director for Lifestyle Division.
According to Loh, the deal will open up new areas of growth for the long term sustainability of the business.
CIMB Bank Berhad, Singapore branch, was the financial advisor to SPH Magazines in relation to this acquisition, the cost of which was not disclosed.