Buyers emerge for leading magazines

Former Bauer magazines Metro and North & South may soon have new owners.

The Weekend Herald understands the sales process for the titles is nearing completion and will be sold to two separate parties.

This comes following the registration of two new entities on the Companies Office.

Simon Chesterman registered Metro Media Group Ltd, while Konstantin Richter and Verena Friederike Hasel registered North & South Media Group.

The incorporation of these companies on July 9 is the strongest indication so far that buyers have been found for these titles.

Chesterman and Richter both declined to comment.

Throughout the process, strict non-disclosure agreements have precluded those involved from saying anything about the progress being made.

Metro magazine was most recently edited by Henry Oliver, while North & South fell under the watchful eye of Virginia Larson. It’s unclear if these two will return to the publications once they come under new ownership.

The titles are currently owned by private equity firm Mercury Capital, which acquired the Bauer portfolio of magazines across Australia and New Zealand.

A public relations spokesman for Mercury acknowledged that the sales process for the two publications was well advanced and that an announcement on the sale could be made as early as next week.

He would not confirm if the individuals behind the firms registered on the Companies Office were the buyers.

From the outset, it was understood that Mercury Capital wanted to shave off the New Zealand arm of the business.

The future of New Zealand’s magazine industry has been up in the air since Bauer announced the closure of its New Zealand magazine business in April.

Since then, subscribers have been left in the dark about when the publications would return to local shelves.

At the end of 2019, The Listener had 43,000 paying subscribers, North & South had 17,000 and Metro sat further behind with around 4800.

A source suggested Mercury has struggled to find a buyer for the Listener and that it may be forced to hold on to the title. It’s understood some potential buyers walked away from the process entirely.