Nine Entertainment Co is to sell ACP Magazines to German media group Bauer for a reported sum of $500m.

A statement issued by ACP says the sale is expected to close in the next four to eight weeks.

“The decision to sell the magazine business is not one we have made lightly,” CEO of Nine Entertainment Co, David Gyngell, says. “On balance however, the sale provides [Nine] with an attractive all cash valuation and ACP with the benefits of being part of a global publisher organisation. This sale will also allow us to focus on our core television and growing digital and events businesses.”

ACP fits with Bauer’s strategy of developing the group globally, publisher and owner of the German company, Yvonne Bauer says. “We believe in print, and ACP´s strong brands in Australia and New Zealand are perfect platforms to expand into digital areas.”

Matthew Stanton, CEO of ACP adds, “Being part of the Bauer Media Group provides ACP with a positive and clear future, under an owner who is focussed on magazines and who will support investment and growth in our business. This outcome provides a commitment for the long term for both our brands and our people.”

ACP, established in 1933, is Australia and New Zealand’s largest magazine publisher, reaching over 15 million Australians each year. It’s leading magazine titles include The Australian Women’s Weekly, Woman’s Day, Cleo, Australian House & Garden, Gourmet Traveller and Zoo.

Nine Entertainment Co’s cross platform operation Powered By Nine will continue to sell advertising on ACP titles, the company said.